GN Store Nord shares rise on acquisition of gaming firm Steelseries

📆 06/10/2021 05:50 a. m.
📰 Reuters

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Shares in Danish hearing aid and headset maker GN Store Nord rose 3% on Wednesday after it said it would buy gaming gear company Steelseries from Nordic private equity company Axcel in a deal worth 8 billion Danish crowns ($1.25 billion).

GN expects annual synergies of 150 mln Danish crownsCOPENHAGEN, Oct 6 - Shares in Danish hearing aid and headset maker GN Store Nord

"We have for some time searched for the right way for GN to enter the very interesting gaming market, being keenly interested in the 'high-end' segment," said René Svendsen-Tune, chief executive of GN Audio, the company's headset unit. "We are primarily doing it because it's a growth case. It ensures, that GN continues to be a growth company," Chief Financial Officer Peter Gormsen told Reuters.

In the first half of 2021, Steelseries posted revenue of 1.3 billion, up 56% from the same period last year, and an earnings before interest, tax and amortisation margin of 14.0%.

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