05:07 PM EDT, 03/13/2024 (MT Newswires) -- Turtle Beach ( HEAR ) closed the acquisition of Performance Designed Products, a gaming accessories provider, for an enterprise value of $118 million, Turtle Beach ( HEAR ) unveiled on Wednesday.

Shares of Turtle Beach ( HEAR ) were up 18% in after-hours activity.

Turtle Beach ( HEAR ) and PDP boards "unanimously" approved the deal.

The company said the deal will be funded with the issuance of 3.45 million shares of its common stock and about $79.9 million in cash.

The combined group anticipates revenue of $390 to $410 million in the first 12 months of ownership. Turtle Beach ( HEAR ) expects $10 million to $12 million of annual run-rate cost synergies.

Diversis Capital, a private equity firm and PDP's majority owner will become Turtle Beach's ( HEAR ) largest shareholder.

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