United States-based video game retailer GameStop is set to purchase Geeknet, an online vendor, in a deal appraised at $140 million, Bloomberg reports.
GameStop, already the nation's largest video game chain, will acquire Geeknet's memorabilia for eventual sale at its own locations. The online vendor is reported to have sold $140.7 million worth of merchandise in fiscal year 2014.
GameStop is also expected to reimburse Geeknet for costs associated with the termination of a deal with Hot Topic, the company which previously agreed to acquire it. The video game retailer offered $20 per share for Geeknet while Hot Topic only offered $17.50.
"The addition of Geeknet is an important expansion of our global multichannel platform," GameStop Chief Executive Officer Paul Raines said in a statement, according to USA Today.
"We are excited to leverage their product development expertise to broaden our product offering in the fast-growing collectibles category."
Geeknet runs the Thinkgeek site, where it sells its video game-related merchandise.
GameSpot was founded in 1984 in Dallas, Texas.
