Spin Master is adding to its toy chest again.
The Toronto-based company said Tuesday it will pay $50 million for Rubik's Cube, the iconic game that has captivated and confounded users since it was invented nearly 50 years ago.
Hungarian inventor Ernő Rubik created the game of coloured blocks that need to be sorted in 1974 before it launched globally in 1980 and went on to sell hundreds of millions of units.
Indoor distractions such as puzzles and games have become one of the fastest growing segments in the toy industry this year, as COVID-19 related lockdowns have people around the world spending more time at home.
"Our games division has continuously grown over the past decade and is a cornerstone of Spin Master's diversified portfolio," CEO Anton Rabie said. "The addition of the legendary Rubik's Cube to our roster of games is a historic moment and we are honoured to continue the legacy."
Founded by three friends in 1994, Spin Master went public on the TSX and quickly began an aggressive strategy of acquiring other toy brands.
The Rubik's Cube purchase comes after takeovers of similarly iconic toys of yore, including Etch A Sketch, plush toy company Gund, and flying disc Aerobie.
In addition to those nostalgic brands, Spin Master also owns modern brands such as Paw Patrol and Hatchimals.
The deal is the 12th acquisition since Spin Master went public five years ago.
https://news.google.com/__i/rss/rd/articles/CBMiQ2h0dHBzOi8vd3d3LmNiYy5jYS9uZXdzL2J1c2luZXNzL3NwaW4tbWFzdGVyLXJ1YmlrLXMtY3ViZS0xLjU3NzgyNTLSASBodHRwczovL3d3dy5jYmMuY2EvYW1wLzEuNTc3ODI1Mg?oc=5
2020-10-27 14:24:00Z
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