Wednesday, Blockbuster Inc. (BBI) said it sold Games Station Ltd, the company's 217-store specialty games retailer in the UK, to THE GAME GROUP PLC - a UK-based specialist retailer of PC and video games, for about $150 million in cash.
The sale is part of Blockbuster's efforts to divest non-core assets and some of its international operations.
The company expects to use most of the sale proceeds to pay down debt. Citi served as financial advisor to Blockbuster for the transaction.
Blockbuster acquired Gamestation in October 2002 and in four years grew the chain from 64 stores to more than 200 locations.
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