Embattled Madcatz sells Saitek to Logitech for a song

Saitek is a well-regarded brand of gaming peripherals, a fact likely known by the crowd that hangs around here. Roughly nine years ago, Madcatz figured it wanted Saitek's quality items and ponied up $30 million for the company. Now, after a few difficult quarters with operating losses, Madcatz figured it was time to let Saitek go live under Logitech's wing for $13 million in cash.

Madcatz didn't have much to say about the sale. Logitech, on the other hand, calls the transaction a "tuck-in acquisition" intended to grab Saitek's product portfolio. The company hopes to complement its own "G" lineup of gaming peripherals with Saitek's gear, and mentions its G29 and G920 Driving force wheels as good companions for the incoming reinforcements.

Seeing as it paid what is a relatively small sum in cash, Logitech says "[the] asset acquisition is not considered material to Logitech's quarterly or full-year financial results." Saitek's website has already been updated with a Logitech logo, so it looks like the new parent company isn't wasting any time.

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