Barclays Maintains An 'Equalweight' On Mattel (MAT); A Solid Acquisition For ...

Barclays maintains an 'Equalweight' on Mattel Inc. (NASDAQ: MAT ) price target of $30.00. Barclays analyst says, "Mattel announced yesterday that it has agreed to purchase HIT Entertainment for $680 million in cash from a consortium led by Apax Partners. The acquisition is expected to close in 1Q12 subject to antitrust clearance. The purchase price is 9.5x trailing EBITDA; we estimate that the multiple is approximately 7.8x after adding the benefit of the wood license and assurance of retaining the diecast/ plastic license. The deal does not include HIT's stake in the Sprout television network. HIT generated approximately $180mn in revenues and $70mn i

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