Mad Catz Completes Saitek Takeover

Officials from video games peripheral maker Mad Catz Interactive have confirmed that the company has completed its previously announced $30 million acquisition of PC game peripheral and accessory provider Saitek. The $30 million purchase was comprised of $15.5 million in cash and $14.5 million of convertible notes. The notes bear interest at a rate of 7.5% payable at maturity and are convertible into common shares of Mad Catz Interactive at $1.42 per share. $4.5 million of the notes will mature in two years and the remaining $10 million will mature in three years. Commenting on the completion of the transaction, Darren Richardson, president and CEO of Mad Catz, said, “Saitek immediately advances Mad Catz’ industry position as one of the world’s leading games peripherals companies and provides us with a strong and established presence in the PC peripherals business. "We are excited to move forward with the combined Mad Catz and Saitek team to profitably grow both the console games and PC peripherals businesses and, most importantly, to capitalize on the opportunities our combined capabilities create to meaningfully grow shareholder value," he added.