Hasbro Inc., struggling to keep pace with rival Mattel, will buy Giga Pets-maker Tiger Electronics Inc. in a $335 million cash deal that will make Hasbro a leader in electronic toys.
The purchase, announced Monday, comes as Hasbro, the world’s No. 2 toy maker, looks to boost its earnings and sales to better compete with Mattel, the largest global toy maker with Barbie, Cabbage Patch Kids and other popular lines.
“This will help Hasbro lock up the market in handheld electronics,” said Chris Byrne, editor of Playthings MarketWatch, a toy trade publication. “It’s a big move for them competitively.”
Hasbro, best known for G.I. Joe and Monopoly, will buy privately held Tiger for $335 million in a deal expected to close early in the second quarter.