The gaming industry has been a massive success over the past 10-years. The number of people gaming in some way has grown year over year. One of the industry’s big names in gaming hardware is “exploring a sales process.” Turtle Beach has been making solid gaming hardware for years, and we’ve always enjoyed its offerings. Check out our reviews!
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In a letter to shareholders, the company said it has engaged with potential buyers on three separate occasions in the last five years and that it hired Bank of America (BAC.N) last year to spearhead the process.
“Based on that outreach, we signed 10 (non disclosure agreements) and held 9 management meetings,” the letter said.
The company said in its letter there is no guarantee that discussions will lead to a transaction.
The company has been engaging in ongoing discussions with at least two strategic buyers, two sources familiar with the matter said on Thursday. The company has also received calls from financial buyers who might be interested in making an acquisition, the sources said.
In the letter, which was released a day after the company reported quarterly earnings, the company said some potential buyers had previously told the company they were breaking off discussions because Turtle Beach “had too much reliance on console gaming headsets and the cyclicality that comes with that.”
Reuters
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