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Amid rumors of buyout talks, GameStop confirms it is in 'exploratory discussions'

Amid rumors of buyout talks, GameStop confirms it is in 'exploratory discussions'

June 19, 2018 | By Alissa McAloon

A source speaking to Reuters disclosed that GameStop is currently in talks with private equity firms about a possible buyout, and GameStop later confirmed that talks about “a potential transaction” are indeed underway.

The talks come at a somewhat uncertain time for GameStop. The major retailer saw its CEO Michael Mauler step down for personal reasons after only three months in the role just recently, has closed a number of stores in the past year, and is expecting to see lower overall revenue and profits this fiscal year than it did during the preceding one, a decline it attributes to last year’s sale-boosting Nintendo Switch launch. 

In its official statement, GameStop was tight-lipped about the actual conversation it is having with these external companies.

“GameStop Corp., today confirmed it is in exploratory discussions with third parties regarding a potential transaction There can be no assurance any agreement will result from these discussions. GameStop does not intend to make any additional comments regarding these discussions unless and until it is appropriate to do so,” reads the statement in full.

Reuters' source meanwhile mentioned that the company has brought on a financial adviser to aid those ongoing discussions and noted specifically that Sycamore Partners was involved in the conversation. 

However, that same source also was sure to mention that the talks are in fact just talks and as such are not necessarily a guarantee that GameStop will bite on a full buyout. 

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