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Funko Inc. (NASDAQ:FNKO) traded larger on Friday as buyers sized up the deal by a consortium led by The Chernin Group to make a $263 million strategic funding within the firm in an all-secondary transaction.
Chernin and its investor consortium are buying from ACON Investments 12,520,559 shares of Funko (FNKO) at $21.00 per share.
Chernin and the consortium will personal 25% of Funk (FNKO) following completion of the transaction. Further buyers within the consortium embrace eBay Inc. (NASDAQ:EBAY), former Disney boss Robert Iger and Klutch Sports activities Group CEO Wealthy Paul.
Chernin will land two board seats at Funko (FNKO) as a part of the funding.
As a part of this funding, Funko (FNKO) and eBay (EBAY) are coming into right into a business settlement beneath which eBay will change into the popular secondary market for Funko and the businesses may also associate on creating unique product releases.
Shares of Funko (FNKO) jumped 16.63% premarket to $19.50 vs. the 52-week buying and selling vary of $15.28 to $27.20.
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