RTTNews | Jun 29, 2021 07:58AM EDT

07:58 Tuesday, June 29, 2021 (RTTNews.com) - Shares of pleasure and leisure company PLBY Group, Inc. (PLBY) are up more than 3% in pre market trade on Tuesday after the company announced its decision to buy luxury lingerie and lifestyle brand, Honey Birdette in a cash and stock transaction valued about $333 million.

PLBY Group, the owner of Playboy, believes that the acquisition of Australia-based luxury lingerie brand enables it to expand the Group's brand portfolio and consumer product infrastructure.

For the twelve months ending June 30, 2021, Honey Birdette expects revenue of about $73 million and EBITDA of nearly $28 million.

The deal is expected to close in the third quarter of 2021.

PLBY closed Monday's trade at $37.92, down 3.04%. The stock is currently at $39.11.

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