Montreal, Canada-based Optimal Group has acquired Hong Kong’s WowWee, the privately held developer, marketer and supplier of technology-based consumer robotic, toy and electronic products best known for its line of Robo-branded toys, including Robosapien – the mass-market robot that turned the toy biz on its head in 2004.
During 2005 and 2006, WowWee generated total pre-tax earnings of US$32.5 million on revenues of approximately US$248 million.
Under the terms of the purchase agreement, Optimal is shelling out US$55 million in cash and an additional US$10 million in shares for WowWee’s assets and business.
WowWee’s senior management team is expected to remain with the business after the sale is finalized sometime before the end of Q4.
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