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

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  • 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 22nd 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.

 

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