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Funimation to be Acquired by Navarre Corp

posted on 2005-01-10 20:07 EST
Navarre Corporation Announces $150 Million Deal to Acquire 100% FUNimation Productions, LTD. and FUNimation Store, Ltd.

Navarre Corporation, a publisher and distributor of software and home entertainment products, has signed an agreement to acquire 100% of both FUNimation Productions, LTD., and the FUNimation Store, Ltd.

FUNimation partnership interests were bought at a price of approximately $100,500,000 in cash, as well as a large issuance of Navarre common stock (Nasdaq: NAVR). In total the deal is worth between $127 million and $150 million.

The transaction has yet to be closed, but will do so once customary conditions are met, including the expectation that Navarre has the proper funds to finish the deal.

More details can be read in the press release.

At this time FUNimation representatives declined to comment on the acquisition.

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