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Rubik's Cube-owner Spin Master to buy Melissa & Doug for $950 million

Reuters
Updated ·1-min read

(Reuters) -Canadian toys and games-maker Spin Master said on Wednesday that it has agreed to buy U.S.-based toy-maker Melissa & Doug for $950 million in cash, taking the shares of the Rubik's Cube owner up nearly 8% in early trade.

The move comes days after Spin Master signed a deal with the retailing and licensing division of Paramount Global for a new animated series in the well-known Dora the Explorer franchise.

Spin Master said it expects the Melissa deal, which includes $500 million in debt financing, to be immediately accretive to its earnings per share.

Melissa & Doug makes toys for children in the preschool ages, and is known for its wooden jigsaw puzzles.

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Spin Master, which also owns the popular children's cartoon adventure series PAW Patrol, has a market capitalization of C$3.50 billion ($2.57 billion) as of stock's last close.

($1 = 1.3599 Canadian dollars)

(Reporting by Juveria Tabassum; Editing by Shailesh Kuber)