It's official: GameStop acquires geeky retailer

Months after trumping Hot Topic with a better offer, GameStop has officially acquired Geeknet for $140 million.

Paul Raines, chief executive officer of GameStop, said: "This acquisition is another example of our on-going efforts to leverage our core competencies to diversify and expand into new and growing categories. The collectibles category is a rapidly growing segment and Geeknet provides us with a strong consumer brand, product development expertise and meaningful vendor partnerships, all of which position us to become the market leader. We welcome the Geeknet team and their ThinkGeek brand into the GameStop family of brands."

The transaction was approved by the board of directors of both companies.

“Our board and management team believe this transaction is in the best interest of Geeknet and its stockholders,” said Kathryn McCarthy, CEO of Geeknet. “As a part of GameStop’s family of brands, Geeknet will be well-positioned to achieve our goals of increasing our brand awareness and expanding our product offerings.”