GameStop Agrees to Sell Spring Mobile for $700 Million to Focus on Core Business
GameStop entered into a definitive agreement to sell its Spring Mobile business, which owns and operates 1,289 AT&T wireless stores, to Prime Communications for $700 million, excluding transaction fees and subject to working capital and debt adjustments, it said Wednesday.…
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The sale is part of GameStop’s strategy to refocus on its core video game and collectibles businesses. Proceeds may be used to reduce the company’s outstanding debt, fund share repurchases or reinvest in core businesses, it said. The deal is expected to close in Q4 FY 2018.