Spin Master (TSX:TOY) Buys Rubik's Cube® Parent Company For C$50 Million

Published on January 05, 2021 11:50 AM EST

Children’s entertainment and gaming company Spin Master Corp has completed the previous announced acquisition of Rubik's Brand Ltd, the parent firm of owner legacy 3D block puzzle game Rubik's Cube®.
Spin Master acquired the London-based Rubik's Brand for US$ 50 million.
Rubik Brand is Spin Master's 22^nd The 3D puzzle game, invented by 1974, took the world by storm and is still among the most popular puzzles of the world. The puzzle aids children and adults’ brain development, cognitive skills and creative intelligence.
The company’s revenue increased by 4.3 per cent year-over-year to of US$571.6 million in the third quarter of 2020 (ending September 30, 2020). Gross profit stood at US$ 277.9 million – 48.6 per cent of revenue. Meanwhile, net income was US$ 86.8 million.
At the end of the quarter, Spin Master reported US$ 207.3-million cash on hand, after paying off US$ 300-million outstanding on Credit Facility.
Due to the ongoing pandemic, the company withdrew its 2020 outlook.
Its stocks are currently trading at C$ 28.19. The scrips have gained over nine per cent in the last six months. Its current market cap stands at C$ 2.87 billion.

Team Kalkine Media

Author

Team Kalkine Media -
33706 Posts
Team Kalkine Media comprises of experts who understand various markets nuances and are enthusiastic and passionate to provide best possible offerings in the form of insights and stories. The team has rich experience of working across different market...
Team Kalkine Media

Author

Team Kalkine Media -
33706 Posts
Team Kalkine Media comprises of experts who understand various markets nuances and are enthusiastic and passionate to provide best possible offerings in the form of insights and stories. The team has rich experience of working across different market...

Disclaimer

The content, including but not limited to any articles, news, quotes, information, data, text, reports, ratings, opinions, images, photos, graphics, graphs, charts, animations and video (Content) is a service of Kalkine Media Incorporated (Kalkine Media), Business Number: 720744275BC0001 and is available for personal and non-commercial use only. The advice given by Kalkine Media through its Content is general information only and it does not take into account the user’s personal investment objectives, financial situation and specific needs. Users should make their own enquiries about any investment and Kalkine Media strongly suggests the users to seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice), as necessary. Kalkine Media is not registered as an investment adviser in Canada under either the provincial or territorial Securities Acts. Some of the Content on this website may be sponsored/non-sponsored, as applicable, however, on the date of publication of any such Content, none of the employees and/or associates of Kalkine Media hold positions in any of the stocks covered by Kalkine Media through its Content. Kalkine Media hereby disclaims any and all the liabilities to any user for any direct, indirect, implied, punitive, special, incidental or other consequential damages arising from any use of the Content on this website, which is provided without warranties. The views expressed in the Content by the guests, if any, are their own and do not necessarily represent the views or opinions of Kalkine Media. Some of the images/music that may be used in the Content are copyright to their respective owner(s). Kalkine Media does not claim ownership of any of the pictures displayed/music used in the Content unless stated otherwise. The images/music that may be used in the Content are taken from various sources on the internet, including paid subscriptions or are believed to be in public domain. We have used reasonable efforts to accredit the source wherever it was indicated or was found to be necessary.