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The acquisition will expand Spin Master's growing games business.
October 27, 2020
Spin Master has announced it has reached an agreement to acquire London-based Rubik's Brand, owner of the Rubik's Cube.
"It is really exciting that Spin Master will continue the legacy of the Rubik's Cube and fulfill my vision of nurturing smarter, future generations through play," says Ernő Rubik, inventor of the Rubik’s Cube. "We chose Spin Master because of their long-term lens and character."
Invented by Ernő Rubik in 1974 and launched globally in 1980, the Rubik's Cube sold hundreds of millions of units and has inspired and challenged both young and old ever since. As a STEM-accredited puzzle, the Rubik's Cube supports brain development and cognitive skills by allowing children and adults to use their creativity, while developing and encouraging intelligence.
"The Rubik's Cube is an iconic puzzle that has permeated pop culture and captivated fans for more than 40 years," says Elizabeth LoVecchio, vice president marketing, games, Spin Master. "We are excited for the opportunity to put our marquee innovation on the entire Rubik's portfolio and expand distribution through our global footprint."
Spin Master has been expanding its position within the Games category through acquisitions of new titles and partnerships and collaborations. Today, Spin Master is the third largest games company in the United States.
"There are many growth opportunities for Spin Master with the Rubik's brand as we transition to a blended model of direct sales in combination with existing partners globally," says Anton Rabie, chairman and co-chief executive officer, chairman and co-chief executive officer, Spin Master. "Our games division has continuously grown over the past decade and is a cornerstone of Spin Master's diversified portfolio. The addition of the legendary Rubik's Cube to our roster of games is a historic moment and we are honored to continue the legacy."
The transaction is expected to close on Jan. 4, 2021.
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