Add SteelSeries to the ranks of gaming hardware brands selling themselves to larger tech firms. Jabra's owner GN is acquiring SteelSeries in a deal worth about $1.24 billion. The move is meant to give GN an edge in the "upscale gaming gear" space while providing room to grow and achieve "revenue synergies." The deal is expected to close in early 2022.
SteelSeries stressed that it would maintain the same leadership. The GN deal would help "accelerate" already healthy growth, according to company chief Ehtisham Rabbani. GN keenly pointed out that SteelSeries has been gaining market share in the past few years and has itself snapped up smaller companies like KontrolFreek.
The purchase could help GN make a concerted push into gaming, both in headsets and non-audio hardware like mice, keyboards and mousepads. Simply put, this might help GN become a general technology brand after years of focusing on personal audio.
SteelSeries, meanwhile, might not have had as much choice as it would like. Brands like Astro, Elgato and Roccat have already sold themselves to larger companies to both ensure their survival and foster growth. While SteelSeries' future was likely to be bright without GN, the team-up could help it thrive in a competitive landscape where rivals often have plenty of support.