Tornante, Madison Dearborn close acquisition of Topps

By Devika Patel

Knoxville, Tenn., Oct. 12 - The Topps Co., Inc. said the $9.75-per-share acquisition of the company by the Tornante Co. LLC and Madison Dearborn Partners, LLC has closed.

The deal is valued at approximately $385 million.

"This is a great day for Topps and its shareholders," Topps' chief executive officer Arthur T. Shorin said in a press release. "This transaction provides our former investors with full value for their shares and ensures the further success of our iconic company."

"We are pleased to have an experienced and talented group of investors who are committed to growing our company and to delivering added value to our partners, the people who enjoy our products every day, and our terrific team of employees whose efforts have made this transaction possible," chief operating officer Scott Silverstein added in the release.

Lehman Brothers Inc. served as sole financial advisor to Topps and Willkie Farr & Gallagher LLP served as Topps' legal advisor. Deutsche Bank served as financial advisor to Madison Dearborn and Tornante. Paul, Hastings, Janofsky & Walker LLP served as legal advisor to Madison Dearborn and Munger, Tolles & Olson LLP served as legal advisor to Tornante.

New York-based Topps creates and markets sports and related cards, entertainment products and confectionery.

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