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Optimal Group snaps up WowWee for $65 million
It looks like WowWee's growing robot army will soon have a new boss to answer to, as Montreal-based Optimal Group announced today that it's agreed to purchase the robot "toy" maker for $65 million. According to The Canadian Press, Optimal says WowWee's management will remain as it is, and there's no word of any other changes to the company. From the looks of it, Optimal isn't an entirely obvious fit for WowWee, with it beginning as a developer of retail self-checkout systems in 2004 before shifting its focus to online payment processing, a business it's now apparently considering selling. Under this new deal, Optimal will fork over $55 million in cash, plus $10 million in shares for WowWee, which has reportedly seen its earnings drop to just $5 million in 2006, down from $27.5 mil in 2005.[Thanks, David]
