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GameStop announced Wednesday it agreed to sell its Spring Mobile business for $700 million. The stock spiked 15 percent on the news and ended the day up 11.6 percent.
Prime Communications, L.P. will buy Spring Mobile, which owns and operates 1,289 AT&T wireless stores, according to a press release announcing the news. The deal is expected to close in the fourth quarter of fiscal 2018, according to the press release.
The deal is part of a larger review of "a wide range of strategic and financial alternatives to enhance shareholder value," according to the release. As part of the review, GameStop's board of directors decided to sell the Spring Mobile business since it would generate immediate cash and allow the company to focus on its entertainment and collectibles business.
"This transaction enables GameStop to enhance our performance with an increased focus on the video game industry and the rapidly-growing collectibles space. These are areas where we have considerable experience and where we are well positioned to capitalize on our competitive position," Executive Chairman of GameStop's board of directors Dan DeMatteo said in a statement. "Our board continues to review strategic and financial alternatives to enhance shareholder value and we look forward to providing an update on the process at the appropriate time."
This story is developing. Please check back for updates.