Spin Master signs deal to buy Rubik’s Brand Ltd, owner of the Rubik’s Cube

Spin Master Corp. says it has signed a deal to buy Rubik’s Brand Ltd, owner of the Rubik’s Cube. 

Financial terms of the agreement were not immediately available.

The Rubik’s Cube was invented by Erno Rubik in 1974 and launched globally in 1980.

The puzzle toy went on to become a phenomenon and sell hundreds of millions of units.

The Rubik’s Cube will join Spin Master’s brands, including Paw Patrol, Hatchimals and Gund.

The deal is expected to close on Jan. 4, 2021.

This report by The Canadian Press was first published Oct. 27, 2020.

Companies in this story: (TSX:TOY)