Fanatics has acquired Topps trading cards, sources close to the deal confirmed to CNBC on Monday night.
Terms of the agreement were not available, but industry sources put the deal at roughly $500 million. It will include only Topps’ name and sports and entertainment division, not the company’s candy and gift cards line, one source said.
Acquiring Topps also aligns with Fanatics’ plans to build out its NFT collectibles sector through its Candy Digital company, which has exclusive rights to produce MLB digital art work.
Last year, Topps was valued at $1.3 billion in a SPAC merger with Mudrick Capital Acquisition Corp. II, which fell apart after Topps lost its MLB rights.
Topps was a public company before being taken private following a $385 million deal in 2007. The company was founded in 1938 and became well known for its distribution of trading cards, including the 1952 Mickey Mantle card, one of which sold for $5.2 million in January 2021.
Topps’ sports division has roughly 350 employees who will join Fanatics. Topps top executives include general manager David Leiner and digital executive Tobin Lent will run the trading card business and report to Fanatics vice chairman Doug Mack.