GameStop is buying ThinkGeek, the purveyor of nerd culture novelties well known for its April Fools' stunts, some of which have ended up as crowd-pleasing actual products.
GameStop scooped up Geeknet, the parent company of the ThinkGeek storefront, for $140 million, beating the $122 million offer Geeknet got last week from pop culture retailer Hot Topic. That deal is off, but Hot Topic will be paid a termination fee, coming from GameStop.
A news release from GameStop touted the deal as expanding GameStop's revenue stream by adding "the No. 1 brand in the fast growing collectibles category." It also talked up Geeknet's "established portfolio of premier, hard-to-secure licenses."
The $140 million deal represents an offer of $20 per outstanding Geeknet share, plus some other considerations; $37 million of the deal is in cash alone.