Children’s electronic toy maker VTech will acquire LeapFrog in a $72 million deal, announced today.
Each company boasts a raft of educational and electronic toys targeted toward toddlers and preschoolers, including Android-based tablets, ride-ons, and interactive play sets.
“We are delighted to have the LeapFrog brand joining VTech, bringing together two of the great names in children’s learning and entertainment,” says Allan Wong, chairman and group CEO of VTech Holdings Ltd., in a press release. “VTech has been a pioneer in the electronic learning toy category for 35 years. The acquisition will allow us to offer the broadest portfolio of products that enhances the education and development of children across the world, while bringing them fun and joy.”
“We believe this is a terrific opportunity for our employees, customers, and shareholders,” says Bill Chiasson, chairman of LeapFrog’s Board of Directors. “The acquisition and future investment by VTech will be instrumental to helping the LeapFrog brand achieve the mission of helping each child achieve their potential. Importantly, too, this transaction also rewards our shareholders with a significant premium from recent trading levels.”
