GRAPEVINE, TEXAS — GameStop will acquire Geeknet, a deal it expects to add more than $100 million in annual net sales.
Geeknet is the parent company of specialty retailer ThinkGeek and ThinkGeek Solutions.
Under the agreement, GameStop will acquire all of the outstanding shares of Geeknet’s common stock for $20 per share in cash. The transaction, which has a total equity value of approximately $140 million, including $37 million of cash and cash equivalents, has been approved by the board of directors of both companies and is expected to close by the end of the second quarter.
Paul Raines, GameStop CEO, said the acquisition is “an important expansion of our global multichannel platform.”
GameStop, which ranked No. 7 on the most recent TWICE Top 100 CE Retailers Report, has been combating falling packaged media sales by closing flagship stores and adding showrooms to its parallel AT&T cellular business. It also owns Simply Mac, an authorized Apple reseller with about 60 stores.