Logitech is to become the new owner of peripherals brand Saitek courtesy of troubled owner Mad Catz.
Mad Catx acquired Saitek in 2007. Included in the deal are rights to and inventory of the company’s line of flight, space and farm sim controllers. Eight R&D workers will also jump ship. Mad Catz will hold on to its mice and keyboards, however.
Logitech will pay just $13m.
"We believe this sale to Logitech brings Mad Catz attractive and certain value for the flight, space and farm simulation line of Saitek products,” Mad Catz president and CEO Karen McGinnis said
We are pleased to find a company like Logitech that will lead Saitek into its next phase of growth and best support its strong acceptance within the flight simulation community while also allowing us to continue to leverage the world-class mice, keyboards and other products that were originally developed on the back of our acquisition of Saitek in 2007 and are now sold under the Mad Catz brand.
Our Board and management team are highly focused on enhancing shareholder value and we believe this transaction is consistent with our ongoing efforts, enabling us to improve our financial position and working capital to better support and grow our Mad Catz and Tritton video game accessories and headset brands.”
It’s safe to say it’s not been the best of years for Mad Catz, which is still paying the price for its failed Rock Band 4 gamble.