Toy giant Hasbro is buying the Canadian company behind preschool brands Peppa Pig and PJ Masks.
Hasbro Inc. said late Thursday it has agreed to buy Entertainment One Ltd. in an all-cash $4 billion deal.
Hasbro HAS, -1.00% shares fell more than 4% after the announcement, after ending the regular trading day down 1%. Related: These moms don’t let their kids use plastic toys — and they’re willing to spend $125 on wooden building blocks Hasbro said it expects to gain about $130 million through in-sourcing and other “synergies” by 2022, and that the acquisition would add to Hasbro’s adjusted profit in its first year following its close. Hasbro plans to bring in-house eOne preschool brands’ toy and game licensing programs.The deal is expected to close in the fourth quarter. Hasbro will suspend its share-buyback program but keep dividend payments, it said.
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