Spin Master Corp. said Tuesday that it has acquired Rubik’s Brand Ltd., parent company to the iconic Rubik’s Cube.
Financial details of the acquisition were not disclosed. The deal is expected to be complete on Jan. 4, 2021.
Based in London, the Rubik’s Cube was invented in 1974 and went global in 1980, sparking competitions and developing loyal fans.
Spin Master’s /zigman2/quotes/209607883/delayed CA:TOY +5.19% brand lineup includes Paw Patrol, Hatchimals and another iconic toy, Etch A Sketch.
The global toy market grew 11% through the first eight months of 2020 with more parents snapping up items during the coronavirus pandemic, according to NPD Group.
“[H]alf of annual sales are still ahead of us, and COVID-19 shows no sign of slowing down,” wrote Frédérique Tutt, global toy industry analyst at NPD, in a recent report.
Mattel Inc. /zigman2/quotes/209819189/composite MAT +5.78% reported third-quarter earnings that blew past estimates last week. Shares are up 26.1% over the last three months, and up 5.3% for the year to date.
And Hasbro Inc. /zigman2/quotes/201249319/composite HAS +2.90% reported a third-quarter earnings beat , though that stock has fallen 19.4% for the year to date. The stock has rallied 17.5% over the past three months.
Spin Master shares are up 22.3% over the past three months, but have fallen 22.8% for 2020 so far.
The benchmark S&P 500 index /zigman2/quotes/210599714/realtime SPX +1.99% has gained 5% for the year to date.
This is Spin Master’s 12th acquisition since going public in 2015, and the 22nd since the company was founded in 1994.