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City of Industry, Calif. -- Hot Topic announced it has agreed to be acquired by New York-based private equity firm Sycamore Partners for $14.00 per share in cash, or a total of approximately $600 million.
The agreement, unanimously approved by Hot Topic’s board of directors, represents a premium of approximately 30% over Hot Topic’s closing stock price on March 6, 2013.
“We are pleased that this transaction will allow us to deliver positive results for our shareholders," said Hot Topic CEO Lisa Harper. "In addition, we are very excited about the future growth for the company and know that Sycamore Partners will provide great resources and expertise to us as we operate as a private company.”
As of February 2, 2013, Hot Topic operated 618 namesake stores in all 50 states, Puerto Rico and Canada; 190 Torrid stores; and five Blackheart stores.
Sycamore Partners acquired Talbot's in 2012.