Sycamore-backed Hot Topic to Buy Geeknet for $122M
May 27, 2015
Hot Topic, a portfolio company of Sycamore Partners, has entered into a definitive agreement to acquire Geeknet (NASDAQ: GKNT), the parent company of online retailers ThinkGeek and ThinkGeek Solutions. With a tender offer set to commence no later than June 19, Hot Topic will acquire all of the outstanding shares of Geeknet for $17.50 each. The total equity value of the transaction equates to approximately $122 million, which includes $37 million of cash and cash equivalents as of March 31. Guggenheim Securities served as Geeknet's exclusive financial advisor for the deal.