Hasbro Completes Acquisition of Entertainment One
December 30 2019 - 9:23AM
Business Wire
Hasbro, Inc. (NASDAQ: HAS) today announced that it has completed
its previously announced acquisition of Entertainment One Ltd.
(eOne), adding beloved global brands and expanding storytelling
through immersive entertainment experiences.
“We are excited about what we can do together and see tremendous
opportunity for shareholder value creation through this
acquisition,” said Brian Goldner, Hasbro chairman and chief
executive officer. “Our businesses are highly complementary with
substantial synergies and a great cultural fit. The addition of
eOne accelerates our blueprint strategy by expanding our brand
portfolio with eOne’s beloved global preschool brands, adding
proven TV and film expertise, and creating additional opportunities
for long-term profitable growth. We are pleased to welcome the
incredibly talented eOne team to our Company.”
Darren Throop, president and chief executive officer of eOne,
will report to Goldner. In addition, eOne’s Olivier Dumont,
president, family & brands, Steve Bertram, president, film
& television, and Chris Taylor, global president, music, will
also be joining Hasbro, reporting to Throop.
The all-cash transaction is valued at approximately £2.9
billion, based on the consideration of £5.60 per common share of
eOne. Converted at a rate of 1.31 USD/GBP on December 30, 2019, the
total cash consideration was approximately US$3.8 billion. Hasbro
also expects to redeem eOne’s outstanding senior secured notes and
to pay off the debt outstanding under eOne’s revolving credit
facility, which together represent approximately £0.6 billion of
eOne’s indebtedness.
About Hasbro
Hasbro (NASDAQ: HAS) is a global play and entertainment company
committed to Creating the World's Best Play and Entertainment
Experiences. From toys, games and consumer products to television,
movies, digital gaming, live action, music, and virtual reality
experiences, Hasbro connects to global audiences by bringing to
life great innovations, stories and brands across established and
inventive platforms. Hasbro’s iconic brands include NERF, MAGIC THE
GATHERING, MY LITTLE PONY, TRANSFORMERS, PLAY-DOH, MONOPOLY, BABY
ALIVE, POWER RANGERS, PEPPA PIG and PJ MASKS as well as premier
partner brands. Through its global entertainment studio eOne, as
well as its entertainment labels, Allspark Pictures and Allspark
Animation, Hasbro is building its brands globally through great
storytelling and content on all screens. Hasbro is committed to
making the world a better place for children and their families
through corporate social responsibility and philanthropy. Hasbro
ranked No. 13 on the 2019 100 Best Corporate Citizens list by CR
Magazine, and has been named one of the World’s Most Ethical
Companies® by Ethisphere Institute for the past eight years. Learn
more at www.hasbro.com, and follow us on Twitter (@Hasbro) and
Instagram (@Hasbro).
Forward-Looking Statements
Certain statements in this press release contain
"forward-looking statements" with respect to Hasbro within the
meaning of the Private Securities Litigation Reform Act of 1995.
These forward-looking statements may be accompanied by such words
as “anticipate,” “believe,” “could,” “estimate,” “expect,”
“forecast,” “intend,” “may,” “plan,” “potential,” “project,”
“target,” “will” and other words and terms of similar meaning.
Among other things, these forward-looking statements include
expectations concerning the anticipated benefits and synergies of
the transaction and future opportunities for the combined company.
Hasbro’s actual actions or results may differ materially from those
expected or anticipated in the forward-looking statements due to
both known and unknown risks and uncertainties. Specific factors
that might cause such a difference include, but are not limited to:
uncertainty of whether Hasbro could achieve the expected benefits
and synergies from the transaction and successfully integrate the
operations of eOne within the anticipated time frame or at all;
risks of unexpected costs, liabilities or delays; integration
difficulties, including the ability to retain key personnel;
Hasbro’s indebtedness, including the additional indebtedness
incurred in connection with the transaction; risks and
uncertainties relating to the play and entertainment industries,
including the retail landscape, distribution channels, consumer
preferences, application of tariffs on Hasbro’s products, and other
factors that may impact or alter Hasbro’s anticipated business
plans, strategies and objectives; the effect of the consummation of
the transaction on customers, employees, suppliers, partners and
operating results; and other risks detailed from time to time in
Hasbro’s filings with the US Securities and Exchange Commission.
The statements contained herein are based on Hasbro’s current
beliefs and expectations and speak only as of the date of this
press release. Except as may be required by law, Hasbro does not
undertake any obligation to make any revisions to the
forward-looking statements contained in this press release or to
update them to reflect events or circumstances occurring after the
date of this press release. You should not place undue reliance on
forward-looking statements.
HAS-C HAS-IR
View source
version on businesswire.com: https://www.businesswire.com/news/home/20191230005198/en/
Investor Contact: Debbie Hancock | Hasbro, Inc. | (401)
727-5401 | Debbie.hancock@hasbro.com
Press Contact: Julie Duffy | Hasbro, Inc. | (401) 727-5931 |
Julie.duffy@hasbro.com
Hasbro (NASDAQ:HAS)
Historical Stock Chart
From Mar 2024 to Apr 2024
Hasbro (NASDAQ:HAS)
Historical Stock Chart
From Apr 2023 to Apr 2024