PAWTUCKET – Shareholders voted Thursday to approve the proposal for Pawtucket-based toymaker Hasbro Inc. to buy Entertainment One Ltd. for $4 billion, Hasbro announced Thursday.
More than 99.9% of the votes cast at London-based multimedia company Entertainment One’s special shareholders meeting voted in favor of the all-cash acquisition, according to Hasbro
The acquisition, expected to close by the end of year, would expand Hasbro’s long line of current and historic brands such as Monopoly, Nerf, and Transformer to include Entertainment One favorites such as Peppa Pig and PJ Masks.
The deal would also give Hasbro’s famous toys and characters increased international exposure through Entertainment One’s operations in film, television, and music production and distribution.
The two companies announced the proposed transaction in August.
The acquisition of Entertainment One, or eOne, would be the largest deal ever for Hasbro, one of Rhode Island’s longtime iconic corporate brands.
The deal is structured under the Canada Business Corporations Act, as eOne has substantial operations in Canada. The deal remains subject to regulatory approvals, including from the Ontario Superior Court of Justice.
The transaction has received several regulatory approvals so far, including early termination of the waiting period under the Hart Scott Rodino Antitrust Improvements Act in the United States and antitrust approval in Germany, according to Hasbro, among Rhode Island’s largest employers.
“We’re pleased that eOne shareholders support this transaction,” Hasbro Chairman and CEO Brian Goldner said in a statement.
“Our two companies’ strategies are remarkably complementary, as we both build brands, creativity and storytelling,” Goldner added. “Together with eOne’s beloved global brands and expertise, we expect to leverage a combined portfolio with appeal to diverse audiences and consumers around the world.”
“In our commitment to unlocking the power and value of creativity, the combination of our two businesses makes perfect sense for eOne,” said eOne CEO Darren Throop.
“eOne has long been anchored by great IP [intellectual property], and we believe that with Hasbro’s world-class portfolio of brands we will be able to deliver on their brand blueprint with a slate of content that lives globally across a broad spectrum of media,” Throop said.
“We are very much looking forward to capitalizing on the new opportunities this creates across film, television, music and family brands,” he added.
No details have been disclosed about how either company’s operations may be impacted by the acquisition.
Scott Blake is a PBN staff writer. Email him at Blake@PBN.com.
