Tuesday, June 2, 2015
GameStop Buys Geeknet For $140M
Grapevine, Texas-based GameStop is buying GeekNet, the parent company of online retailer ThinkGeek, in a deal worth approximately $140M. According to GameStop, it will pay $140M, or $20 per share in cash for Geeknet, which is based in Fairfax, Virginia. The deal comes as a surprise, as Geeknet already had an agreement to be acquired by Hot Topic. Geeknet said it has terminated its prior agreement with Hot Topic. GameStop said the acquisition particularly helps the company in the collectibles category. ThinkGeek sells everthing from Star Trek-themed garden gnomes to 3D printing pens and Game of Thrones desk lamps, to R2D2 shaped trash cans.