The iconic toy Rubik’s Cube is now in Canadian hands.
Toronto-based toy company Spin Master (TSX:TOY) says it will pay $50 million for Rubik's Cube, the puzzle game that has captivated and confounded millions of people since it was invented 46 years ago.
Hungarian inventor Erno Rubik created the game of coloured blocks that need to be aligned in 1974 before it launched globally in 1980 and went on to sell hundreds of millions of units.
Founded by three friends in 1994, Spin Master went public on the Toronto Stock Exchange in 2015 and quickly began an aggressive strategy of acquiring other toy brands. The Rubik's Cube purchase comes after takeovers of similarly iconic toys such as Etch A Sketch, plush toy company Gund, and flying disc Aerobie.
Spin Master also owns modern toy brands such as Paw Patrol and Hatchimals. The deal to acquire Rubik’s Cube is the 12th acquisition since Spin Master went public.
Nostalgic toys such as Rubik's cube are enjoying a resurgence in popularity today as the pandemic keeps hundreds of millions of people around the world at home and parents try to find entertainment options for their children that aren't electronic screens.
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