Endor AG Enters Exclusive Negotiations with CORSAIR for Strategic Investment

Endor AG, a developer of high-end racing simulation gear, announced on May 9, 2024, that it has entered exclusive negotiations with CORSAIR, a high-performance gear producer for gamers and content creators. This strategic move follows an exhaustive review of various offers aided by lending banks in an effort to ameliorate the company's financial status and dilute its debt, which currently stands at approximately EUR 70 million.

Andres Ruff, CEO of Endor AG, expressed satisfaction in finding a knowledgeable and long-term investor like CORSAIR. He remarked upon the synergy between the Sim Racing portfolio of Endor and CORSAIR’s gaming community that could bolster their brand development and operational future. The comprehensive agreement is anticipated to be finalized by the end of May 2024, pending approval from the restructuring court in Munich.

Upon the completion of the restructuring process under Germany's StaRUG framework, CORSAIR is expected to take full ownership, helping stabilize Endor outside of insolvency proceedings. Matthias Kosch, CFO of Endor AG, affirmed confidence in securing a stable balance sheet and the company's longevity through CORSAIR’s involvement.