HEAR - Why Gaming Audio & Accessory Firm Turtle Beach Shares Are Rocketing Premarket Thursday | Benzinga
Turtle Beach Corporation (NASDAQ:HEAR) shares are surging premarket after the company disclosed Performance Designed Products (PDP) acquisition and said it plans to launch a reverse Dutch tender auction.
Acquisition: The company disclosed the execution of definitive deals to acquire PDP, a gaming accessories provider, at an enterprise value of $118 million.
The deal consideration comprises the issuance of 3.45 million shares of Turtle Beach and cash of about $79.9 million.
Turtle Beach expects combined company revenues of $390 million to $410 million in the first 12 months of ownership (second-quarter 2024 through first-quarter 2025).
The company expects post-synergy adjusted EBITDA of PDP of $22 million to $28 million in the first full 12 months of ownership, implying a post-synergy transaction multiple of 4.7x at the mid-point of estimated ...