15th Sep 2014 14:19
LONDON (Alliance News) - Game Digital PLC Monday said it has reached an agreement to acquire a portfolio of Spanish stores from The Gamestop Corporation.
The GameStop is an American video game, consumer electronics, and wireless services retailer. It recently announced plans to exit the Spanish market.
Game said on completion of the transaction, it will assume the leases, staff and inventory associated with each store transferred as well as remaining inventory held by GameStop in Spain.
The stores will be converted to Game branded stores. Game said all reward card points and gift vouchers held Spanish Gamestop customers will be redeemable at Game stores.
The proposed transaction is subject to approval by the competition authorities in Spain, which is expected to be completed by the end of October. The terms of the transaction are undisclosed.
Game Digital shares were quoted up 0.7% at 275.00 pence Monday afternoon.
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
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