GN Store Nord A/S (CPSE:GN) signed an agreement to acquire SteelSeries ApS from Axcel Management A/S for DKK 8 billion on October 6, 2021. The transaction represents an enterprise value on a cash and debt free basis of DKK 8 billion. The acquisition will be structured as 100% cash payment financed through GN Store Nord's existing cash balance and a bridge-loan, which is expected to be replaced with other debt instruments at a later point in time. SteelSeries will operate as an independent unit of GN Store Nord with its own identity, brand and execution.

SteelSeries reported revenues in excess of 2 billion and an adjusted EBITA margin of 13.3% in 2020. SteelSeries will continue to be run by the same leadership team. Closing of the transaction is subject to customary regulatory approvals and approval by the relevant competition authorities. The transaction is anticipated to be completed by the beginning of 2022. Consequently, annual run-rate operational synergies of around DKK 150 million by 2022 are expected. Moelis & Company LLC and Nordea Bank Abp (OM:NDA SE) are serving as lead financial advisors to GN Store Nord A/S. Credit Suisse Group AG (SWX:CSGN) and BNP Paribas SA (ENXTPA:BNP) are serving as financial advisors, Accura Advokatpartnerselskab and Allen & Overy LLP are serving as main legal advisors to GN Store Nord. Rothschild & Co SCA (ENXTPA:ROTH) acted as the financial advisor and Gorrissen Federspiel I/S acted as the legal advisor to Axcel Management A/S and SteelSeries ApS. Hakan Ozgokcen, Sinan Diniz, Ceren Göktürk and Cem Buran of Baker McKenzie (Turkey) acted as legal advisor to GN Store Nord A/S. As of January 12, 2022, All necessary conditions and regulatory approvals received.