Wednesday, October 01, 2008

GameStop Acquires French Chain

Videogame retailer GameStop has increased its footprint yet again in Europe through the acquisition of established chains.

Grapevine, Tex.-based Gamestop said Wednesday it has reached a definitive agreement to acquire leading French games retailer Micromania from private equity fund L Capital.

Micromania has 332 stores throughout the region. GameStop previously had no French stores.

The transaction is worth about $700 million (€480 million) in cash and has yet to be cleared by the European Commission, according to the firm. GameStop will purchase "virtually all" Micromania outstanding shares.

"The transaction is a reflection of our belief that the European video game market is growing and will be an important part of GameStop’s worldwide growth," CEO Dan DeMatteo said in a statement.

The company aims to achieve EPS growth of at least 25 percent in fiscal 2009.

GameStop expects the purchase "to be accretive to our fully diluted EPS in both the fourth quarter of fiscal 2008 and fiscal 2009.”

The retailer now lays claim to 1,077 European stores. GameStop has over 5,100 stores across the globe. via Edge

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Author & Editor, Jason Kiwaluk

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