In a press statement released today, GameStop has announced that it has acquired ThinkGeek, the seller of all manner of geeky items.
GameStop bought up ThinkGeek’s parent company, Geeknet, for $140 million. Geeknet originally announced a merger deal with HotTopic for $122 million but that deal has now been terminated. Since that deal is dead, Geeknet will pay HotTopic an undisclosed termination fee which GameStop will reimburse them for.
“This acquisition creates value to all stakeholders involved,” said Paul Raines, chief executive officer of GameStop in the press release. “The addition of Geeknet is an important expansion of our global multichannel platform and we are excited to leverage their product development expertise to broaden our product offering in the fast-growing collectibles category and deepen relationships with our existing customer base.”
“Our Board and management team believe this transaction is in the best interest of Geeknet and its stockholders,” said Kathryn McCarthy, chief executive officer of Geeknet. “As a part of GameStop’s family of brands, Geeknet will be well-positioned to achieve our goals of increasing our brand awareness and expanding our product offerings.”
Source: GameStop
