Popular gaming accessory brand Turtle Beach has announced its plans to acquire PDP, the maker of gaming peripherals. Turtle Beach has entered definitive agreements to purchase PDP “at an enterprise value” for PDP of $118 million USD (around $158 million CAD).
Over the past few years, Turtle Beach has been continuously expanding its portfolio when it comes to gaming accessories. Once known specifically for its premiere gaming headsets, Turtle Beach now supports everything from flight sticks, racing wheels and third-party controllers. PDP is also largely known for its array of third-party gaming accessories including controllers, headsets, and power cases.
“The Transaction combines two leading gaming companies with industry-leading teams, significant product momentum and proven track records of delivering profitable growth,” Turtle Beach says in its press release.
As of now, Turtle Beach readily supports many platforms and accessory options. However, there are a few holes the company needs to plug. For instance, its controller lines whether the Recon, React-R, or Stealth Ultra are all Xbox exclusive. However, PDP may be Turtle Beach’s way to break out onto other platforms. the newly acquired company has the licencing rights to Switch, PlayStation, and even PC. Recently, Samsung announced its ‘Design for Samsung Gaming Hub’ program in which it is partnering with PDP and supporting a new Replay ‘Midnight Blue’ wireless controller.
As part of its acquisition announcement, Turtle Beach confirms that the Board of Directors has appointed Cris Keirn as Chief Executive Officer and to the Board of Directors, effective immediately. “I’m honored to work with the amazing team at Turtle Beach, now including our new colleagues from PDP, as we continue to deliver fantastic new products for gamers and value to our shareholders,” Keirn said. “Working with our industry partners, and with the combined expertise of our teams, we will drive a transformational change to the company’s scale and execution with innovation and expansion of our leadership positions across gaming accessory categories.”
Turtle Beach anticipates total revenue reaching between $390 million USD (around $525 million CAD) and $410 million USD (roughly $552 million CAD) in the first 12 months of ownership. This window would take the company to Q1 2025.
