Gamestop has gone and purchased ThinkGeek, right from under the nose of Hot Topics, who was previously in discussions to purchase the company for $122 million dollars. Instead Geeknet, the parent company of ThinkGeek chose to go with Gamestop’s $140 million offer.
GameStop Corp. (NYSE: GME), a family of specialty retail brands that makes the most popular technologies affordable and simple, and Geeknet, Inc. (Nasdaq: GKNT) (“Geeknet”), the parent company of ThinkGeek and ThinkGeek Solutions, today announced they have entered into a definitive agreement under which GameStop will acquire all of the outstanding shares of Geeknet’s common stock for $20.00 per share in cash. The transaction has been approved by the board of directors of both companies and will be completed by means of a tender offer. The transaction has a total equity value of approximately $140 million, including $37 million of cash and cash equivalents as of March 31, 2015. – Gamestop
If you haven’t been inside of a Gamestop as of lately, the company has been pushing geek culture items such as Figma’s, Funko Pop Vinyl’s, t-shirts, toys and much more. So it would make sense that Gamestop would want to go this route, especially since digital distrubtion is kinda eating into it’s pre-owned gaming business. It’s evolve or die, so they say.
Pretty soon it would seem that Gamestop will not only be a stop for gaming related items but also geek culture and as much as people dislike Gamestop, that’s not a bad thing.