ACCO buys maker of video game controllers

LAKE ZURICH — ACCO Brands Corp. Friday said it has closed on the acquisition of PowerA, a leading provider of third-party video gaming controllers, power charging solutions and headsets.

Terms of the acquisition include upfront costs of $340 million, plus an additional earnout of up to $55 million in cash, contingent upon PowerA achieving one- and two-year sales and profit growth objectives, which are aligned with ACCO Brands' expectations of the business, the company said when the deal was first announced last month.

“The addition of PowerA represents a major step in our continuing strategy to transition the company into a faster growing, consumer-focused business,” said Boris Elisman, chairman, president and chief executive officer of ACCO Brands. “After the acquisition, more than 50% of our sales will come from consumer, school and technology products, which will offer faster growing market demand over the next several years.”