Navarre Completes FUNimation Acquisition
New Name--FUNimation Entertainment
Published: 05/12/2005 12:00am
Navarre Corporation announced after the markets closed on Wednesday that it had completed the acquisition of FUNimation Productions, Ltd. and The FUNimation Store, Ltd. Navarre paid $100.4 million in cash (subject to up to $5 million in post-closing adjustments) and 1,827,486 shares of Navarre stock. That was the maximum number of shares in the range described in the initial acquisition announcement (see 'FUNimation Acquired by Navarre'), perhaps because Navarre's share price has dropped over 50% since the announcement, from $19.13 to $8.35 per share.
Navarre also announced that it had entered into a $165 million credit facility with GE Commercial Finance, $140 million of which was drawn immediately. The company had originally tried to sell $125 million in senior debt, that offering was withdrawn only a few weeks after it was announced due to 'the recent weakness of the bond market.'
FUNimation announced on Monday that it would henceforth be known as FUNimation Entertainment. The name change is to expand FUNimation's positioning. 'FUNimation Entertainment is a name that better encompasses our business model and expanding focus,' CEO Gen Fukunaga said. 'FUNimation is a brand management company, a licensing company and one of the nation's leading independent home video entertainment companies.'
The new announcements also revealed that FUNimation's sales and profitability had declined slightly in 2004. Sales were down to $72.4 million in 2004 from $81.6 million in 03; profitability dropped to $29.8 million in 2004 from $30.5 million in 2003.
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