E-commerce technology provider, GSI Commerce, has acquired online sports merchandiser, Fanatics, for about $277 million, Bloomberg reports. GSI Commerce will pay $171 million in cash and $106 million in common shares as per the deal, which is expected to be completed by the second quarter of 2011. GSI Commerce has entered a new five-year, $400 million credit agreement to replace its existing $150 million revolving credit facility, conditional on the acquisition of Fanatics. Florida-based Fanatics, with about 400 employees, operates hundreds of websites, and is 63% owned by the Trager family, while Insight Venture Partners owns around 30%.
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