CORSAIR Acquires Endor AG Business Operations
Corsair has acquired the struggling German hardware manufacturer Endor AG, the parent company of sim racing brand Fanatec. However, it’s unclear how much Corsair paid for the acquisition.
According to a press release from Endor AG, Corsair will take over all business operations, including shares of foreign subsidiaries. Additionally, Corsair will assume all active employment contracts, while Endor AG’s real estate will be sold off.
Endor AG made headlines earlier this year due to financial difficulties and filed for bankruptcy protection at the end of July. The parent company of Fanatec had accumulated debts exceeding €95 million, while generating an annual revenue of about €100 million. During this time, Endor also began searching for a buyer. Corsair had already been working with Endor AG earlier this year to address the immediate financial issues and had plans to acquire the German hardware manufacturer.
”CORSAIR Acquires Endor AG Business Operations Following Insolvency
Landshut, September 13, 2024 – The insolvency proceedings for Endor AG (WKN 549166 / ISIN: DE0005491666) officially began on September 13, 2024, under case number IN 542/24, as ruled by the insolvency court of Landshut. Attorney Dr. Hubert Ampferl, a partner at the law firm Dr. Beck & Partner, has been appointed as the insolvency administrator.
CORSAIR® (Nasdaq: CRSR) has acquired the business operations of Endor AG through an asset deal. In addition to acquiring the domestic operations, CORSAIR will also take over the shares in the foreign subsidiaries. Moreover, CORSAIR will assume all current employment contracts of Endor AG.
As part of the insolvency proceedings, Endor AG will be fully liquidated, and its stock market listing will soon be terminated. Shareholders should not expect any payments. The company’s real estate is still up for sale.
