Hot Topic buying online retailer Geeknet for $122 million

Los Angeles -- Specialty teen retailer Hot Topic is acquiring Geeknet, parent company of online retailers ThinkGeek and ThinkGeek Solutions, for approximately $122 million, which is more than double the company’s market value.



ThinkGeek sells a wide range of merchandise, including clothing, toys, and gadgets mostly based on popular movies, television shows and brands that have strong "geek" appeal, such as "Star Trek," ''The Big Bang Theory," and ''Star Wars."



ThinkGeek Solutions distributes video game-themed merchandise through licensed Web stores for the gaming community.



"We are pleased to have entered into this agreement and look forward to adding Geeknet's innovative products and services to our portfolio," said Lisa Harper, CEO of Hot Topic. "Geeknet's unique concept and approach to the online retail community is a strong fit with our business strategy, which is focused on delivering great products for avid fans of various licensed properties, and we are excited about the opportunity to help drive profitable growth and further enhance value for Geeknet's customers."



"Our board and management team believe this transaction is in the best interest of the Company and its stockholders," said Kathryn McCarthy, CEO of Geeknet. "We remain focused on increasing our visibility, providing a platform to stimulate ideas and creativity, and expanding our product offerings to keep up with industry and customer demands. As a subsidiary of Hot Topic, Geeknet will be well-positioned to achieve these goals."