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Hasbro Completes $3.8B eOne Acquisition

PJ Masks
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Hasbro Completes $3.8B eOne Acquisition

Hasbro, Inc. today announced that it has completed its previously announced acquisition of Entertainment One Ltd. (eOne), adding beloved global brands including Peppa Pig and PJ Masks to its purview and expanding storytelling through immersive entertainment experiences.

“We are excited about what we can do together and see tremendous opportunity for shareholder value creation through this acquisition,” said Brian Goldner, Hasbro Chairman & CEO. “Our businesses are highly complementary with substantial synergies and a great cultural fit. The addition of eOne accelerates our blueprint strategy by expanding our brand portfolio with eOne’s beloved global preschool brands, adding proven TV and film expertise, and creating additional opportunities for long-term profitable growth. We are pleased to welcome the incredibly talented eOne team to our Company.”

Darren Throop, President & CEO of eOne, will report to Goldner. In addition, eOne’s Olivier Dumont, President, Family & Brands; Steve Bertram, President, Film & Television; and Chris Taylor, Global President, Music, will also be joining Hasbro, reporting to Throop.

The all-cash transaction is valued at approximately £2.9 billion, based on the consideration of £5.60 per common share of eOne. Converted at a rate of 1.31 USD/GBP on December 30, 2019, the total cash consideration was approximately US$3.8 billion. Hasbro also expects to redeem eOne’s outstanding senior secured notes and to pay off the debt outstanding under eOne’s revolving credit facility, which together represent approximately £0.6 billion of eOne’s indebtedness.

The announcement made early this week comes a little less than a month before the deadline set by the U.K. antitrust body the Competition and Markets Authority to decide whether to trigger an in-depth review of the deal. If a “substantial lessening of competition” in the U.K. is feared, the Authority will begin a 24-week investigation.

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