Spin Master signs deal to buy Rubik’s Brand Ltd, owner of the Rubik’s Cube
Posted Oct 27, 2020 04:45:15 AM.
Last Updated Oct 27, 2020 08:24:53 AM.
TORONTO- Spin Master Corp. says it has signed a deal to buy Rubik’s Brand Ltd, owner of the Rubik’s Cube.
Financial terms of the agreement were not immediately available.
The Rubik’s Cube was invented by Erno Rubik in 1974 and launched globally in 1980.
Well before smartphones, back in the 1980's…we stared for hours at the Rubik's Cube. (I could never figure it out)
Spin Master Toys to buy Rubik's Brand Ltd. for $50 million U.S.— Mike Eppel (@eppman) October 27, 2020
The puzzle toy went on to become a phenomenon and sell hundreds of millions of units.
The Rubik’s Cube will join Spin Master’s brands, including Paw Patrol, Hatchimals and Gund.
The deal is expected to close on Jan. 4, 2021.
This report by The Canadian Press was first published Oct. 27, 2020.
Companies in this story: (TSX:TOY)
The Canadian Press