GameStop Completes Acquisition of ThinkGeek
Posted on July 20, 2015
GameStop announced that is has completed its acquisition of Geeknet, the company behind the ThinkGeek online store. It purchased all outstanding Geeknet shares for $20 per share.
It was originally plannedfor Hot Topic to acquire Geeknet . Gamestop stepped in with a bid 17% bigger Hot Topic's bid before the sale was completed. Ars Technica reports that GameStop had to pay Hot Topic a 3% break-up free for the last-minute purchase.GameStop CEO Paul Raines says in a statement, "This acquisition is another example of our on-going efforts to leverage our core competencies to diversify and expand into new and growing categories. The collectibles category is a rapidly growing segment and Geeknet provides us with a strong consumer brand, product development expertise and meaningful vendor partnerships, all of which position us to become the market leader. We welcome the Geeknet team and their ThinkGeek brand into the GameStop family of brands."
Geeknet sold computers when it was first formed. They are best known for the popular ThinkGeek site which is known for its unusual gifts and licensed products inspired by movies, television shows and video games. GameStop has already started featuring some ThinkGeek products on its website.