Benzinga | Jun 29, 2021 01:31PM EDT

Plby To Buy Lingerie And Lifestyle Brand Honey Birdette For $333M

* 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.