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Hot Topic to Acquire Geeknet, Inc


AP and the PRNewswire reported today Hot Topic, Inc. (“Hot Topic”), a leading mall and web-based specialty retailer, and Geeknet, Inc. (Nasdaq: GKNT, “Geeknet”), the parent company of online retailers ThinkGeek and ThinkGeek Solutions, today announced that they have entered into a definitive agreement under which Hot Topic will acquire all of the outstanding shares of Geeknet, Inc. common stock at a purchase price of $17.50 per share. The transaction will be completed by means of a tender offer to be commenced shortly and has a total equity value of approximately $122 million, including $37 million of cash and cash equivalents as of March 31, 2015.

Privately held Hot Topic, based in Los Angeles, has more than 650 stores in the U.S. and Canada. Geeknet will become a Hot Topic subsidiary.

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