Hot Topic announced plans to acquire Geeknet, parent company of online retailers ThinkGeek and ThinkGeek Solutions. The mall and Web-based specialty retailer will acquire outstanding assets of $17.50 per share, for a total value of about $122 million.
ThinkGeek sells clothing, toys, gadgets and other products based on popular television shows with "geek" appeal, reported the Los Angeles Times. ThinkGeek Solutions sells merchandise targeted toward gamers online.
"We are pleased to have entered into this agreement and look forward to adding Geeknet's innovative products and services to our portfolio," said Lisa Harper, CEO of Hot Topic. "Geeknet's unique concept and approach to the online retail community is a strong fit with our business strategy, which is focused on delivering great products for avid fans of various licensed properties, and we are excited about the opportunity to help drive profitable growth and further enhance value for Geeknet's customers."
Hot Topic has more than 650 stores in the United States and Canada. The retailer is one of several in the midst of closing acquisition deals set to finish by the close of 2015, including Standard General's purchase of RadioShack (NYSE:RSH) and 7-Eleven's acquisition of Tedeschi Food Shops.
-See this Hot Topic press release
-See this Los Angeles Times article
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