Spin Master has announced that it will acquire the Rubik's Brand - owner of the world-famous Rubik's Cube - for a reported US$50 million.
Capitalising on the growth of the games and puzzles category in 2020, the acquisition sees the STEM.org authenticated puzzle join the Spin Master portfolio alongside another classic brand, Etch-A-Sketch.
Spin Master chairman and co-CEO Anton Rabie said that the acquisition will drive further growth for the legacy brand.
"There are many growth opportunities for Spin Master with the Rubik's brand as we transition to a blended model of direct sales in combination with existing partners globally.
"Our games division has continuously grown over the past decade and is a cornerstone of Spin Master's diversified portfolio.
"The addition of the legendary Rubik's Cube to our roster of games is a historic moment and we are honoured to continue the legacy," he said.
Invented by Ernő Rubik in 1974 and launched globally in 1980, the Rubik's Cube has grown to become a worldwide craze, selling hundreds of millions of units and scoring its own Netflix documentary this year.
Speaking on the acquisition, Ernő Rubik said that he is excited to see Spin Master take on the brand.
"It is really exciting that Spin Master will continue the legacy of the Rubik's Cube and fulfill my vision of nurturing smarter, future generations through play.
"We chose Spin Master because of their long-term lens and character," he said.
The acquisition of Rubik's Brand marks Spin Master's 22nd acquisition since the company was founded in 1994 and the 12th since its initial public offering in 2015.
The transaction is expected to close on January 04, 2021.
In Australia, the Rubik's Cube is distributed by Crown & Andrews | Goliath Games.
Crown & Andrews | Goliath Games has been contacted for comment.