$950 million deal: Spin Master acquires Melissa & Doug

Spin Master Corp. has announced the acquisition of U.S. toy manufacturer Melissa & Doug for $950 million in cash.

The move strengthens Spin Master's position as a leader in the children's entertainment industry and complements Melissa & Doug's high-quality offering of open-ended, creative and developmental wooden toys for young children.

“The acquisition of Melissa & Doug represents a significant step forward in our growth strategy and will help support our vision to reimagine everyday play,” Spin Master chief executive Max Rangel stated at a news conference.

He also stated that the Wilton, Conn. based Melissa & Doug will continue as a stand-alone company with Fernando Merce as CEO.

Source: www.globalnews.ca