GameStop to sell Spring Mobile business for $700 million [MarketWatch]
GameStop Corporation (GME)
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Source: MarketWatch
GameStop to sell Spring Mobile business for $700 million Videogame retailer GameStop Corp. GME, +12.05% said Wednesday it has reached a deal to sell its Spring Mobile business to Prime Communications L.P. for $700 million. Spring Mobile owns and operates a network of 1,289 At&T T, +1.80% wireless stores. The deal is expected to close in the fourth quarter and comes as GameStop conducts a review of its strategic options. "GameStop's board determined that the sale of Spring Mobile is in the best interest of the company and its shareholders, as the transaction generates immediate cash proceeds and enables the company to increase its focus on serving its customers' entertainment needs across video games and collectibles," the company said in a statement. Proceeds of the sale will be used to pay down debt, fund share buybacks and reinvest in core businesses. Shares were halted for the news, but have fallen 29.9% in 2018, while the S&P 500 SPX, +0.96% has fallen 0.2%. Have breakin
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