Mad Catz announced today that it has completed its acquisition of Saitek, the well-known PC gaming peripheral manufacturer. Mad Catz had previously announced it intended to buy Saitek for $30 million USD.
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That acquisition has now been completed and Mad Catz says it expects the acquisition to be accretive to its fiscal 2008 earnings. The $30 million purchase was made with $15.5 million in cash on hand and $14.5 million in convertible notes.
These notes have a 7.5% interest rate payable at maturity and are convertible into shares of Mad Catz interactive at $1.42 per share, which is a 15% premium over what shares of company stock are trading for now.
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Via Mad Catz