Plby To Buy Lingerie And Lifestyle Brand Honey Birdette For $333M - Playboy (NASDAQ:PLBY)

Plby Group Inc (NASDAQ: PLBY) has agreed to acquire Honey Birdette, a luxury lingerie and lifestyle brand, for $333 million in cash and stock.
The acquisition will expand PLBY Group’s portfolio with a new high-end franchise and provide product design, sourcing, and direct-to-consumer capabilities.
The transaction is expected to close in the third quarter of 2021.
Honey Birdette expects about $73 million of revenue and about $28 million EBITDA for the twelve months ending June 30, 2021.
“This acquisition is expected to further our mission to become the leading pleasure and leisure lifestyle platform and our commitment to deliver long-term value to our shareholders,” said Plby CEO Ben Kohn.
PLBY’s cash and equivalents totaled $70 million as of March 31, 2021.
Price action: PLBY shares are trading higher by 7.44% at $40.74 on the last check Tuesday.

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