Corsair, a renowned maker of gaming equipment, is interested in acquiring the parent company of Fanatec, a well-known brand in the world of sim racing wheels and pedals. Endor AG, the parent company, is in need of 70 million euros in debt and immediate funds, making the takeover negotiations ongoing.
Endor AG has been facing financial difficulties for some time, attributing its struggles to delayed deliveries and postponed product licenses from Sony as stated in April. Consequently, the company experienced lower-than-expected turnover in 2023.
To address the financial woes at Endor AG, Corsair has agreed on an initial investment with the company, with negotiations continuing on restructuring the 70 million euro debt. The ultimate goal is for Corsair to take over Endor AG, pending approval under German law.
In light of the financial challenges, Endor AG parted ways with CEO Thomas Jackermeier in March, a condition set by the banks for payment deferment. This move allows the company to postpone or reduce loan repayments until the end of June. Additionally, Endor AG has announced plans to appoint a chief restructuring officer to revamp the business and drive profitability, meeting another condition set by the banks.
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