Canadian toy company acquires Rubik's Cube for US $50 million
A Canadian toy company acquired Rubik’s Cube for US $50 million on Tuesday.
Toronto-based company Spin Master initially announced its intention to acquire Rubik’s Brand Ltd, owner of the world-famous Rubik’s Cube®, on October 27, 2020.
On Tuesday, the acquisition was officially completed.
According to Spin Master, they will “continue the Rubik’s brand legacy, with plans for further innovation across the entire Rubik’s portfolio and expanded distribution through the Company’s global footprint.”
Invented by Ernő Rubik in 1974 and launched globally in 1980, the Rubik’s Cube became a worldwide craze, selling hundreds of millions of units.
“The Rubik’s Cube is an iconic puzzle that has permeated pop culture and captivated fans for more than 40 years,” said Elizabeth LoVecchio, Spin Master’s Vice President Marketing, Games, when the acquisition was announced in October.
This marks Spin Master’s 22nd acquisition since the Company was founded in 1994 and 12th since its initial public offering in 2015.
In November 2020, the company struck a deal with Warner Bros. to create a new line of Harry Potter merchandise including figurines and cosplay gear to be on the shelves next year.
Currently, Spin Master is the third largest games company in the United States.
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