GameStop (GME) to Acquire Micromania for $700M
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GameStop (NYSE: GME) today announced that it has reached a definitive agreement to acquire Micromania, France’s leading video game retailer with 332 locations throughout the country, from private equity fund L Capital.
Under the terms of agreement, GameStop will pay L Capital $700 million in cash, including the assumption of debt. GameStop will purchase virtually all of the outstanding shares of the company. GameStop intends to fund the transaction through cash on hand, a draw on its existing revolving credit facility, and a $150 million committed term loan from Bank of America.
The deal is expected to close in November 2008.
GameStop Corp. operates as a retailer of video game products and personal computer (PC) entertainment software.
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