One-stop shopping for all your geeky wares just got a new home.
Geeknet, home to ThinkGeek, has terminated its agreement with Hot Topic to move on over to the GameStop family. According to this announcement, GameStop will acquire all outstanding shares of Geeknet stock, at $20 per share, in a transaction worth about $140 million.
The move comes with the news that Geeknet is terminating its previously announced merger with Hot Topic. On May 26, Geeknet announced that acquisition, in which Hot Topic would acquire all outstanding shares at $17.50 per share, a transaction that was valued at $122 million.
Geeknet will also pay a termination fee to Hot Topic, for which GameStop will reimburse the company.
What does this mean for geeks with money to burn?
“This acquisition creates value to all stakeholders involved,” said GameStop CEO Paul Raines in the release. “The addition of Geeknet is an important expansion of our global multichannel platform, and we are excited to leverage their product development expertise to broaden our product offering in the fast-growing collectibles category and deepen relationships with our existing customer base.”
In other words, GameStop says that the acquisition will allow it to extend the “company’s global reach and multichannel retail expertise,” online and in stores. The companies also said that that acquisition will make it even easier to use Geeknet’s portfolio of “hard-to-secure” licenses, and will allow them to offer customers even more benefits, like “exclusive, unique and cutting-edge merchandise related to their favorite entertainment.”
Of course, ThinkGeek is the home to all sorts of gear from Star Wars, Star Trek, Doctor Who, Marvel and more. It’s unclear what exactly this merger will add to the geek store, but for now, it looks like your site for things like Star Trek pizza cutters is safe.