GameStop (GME) CEO Ryan Cohen said he’s eyeing a major acquisition of a publicly traded company.
The acquisition will likely be in the consumer or retail industry, which has been his focus during much of his career, Cohen told the WSJ in an interview published on Thursday. He wants to turn GameStop, which has an $11 billion market cap, into a “$100 billion-plus juggernaut.”
Any deal will be “big,” Cohen told the WSJ. “It’s ultimately either going to be genius or totally, totally foolish.”
Cohen is looking at a handful of companies that he declined to identify and plans to approach potential targets soon, he told the WSJ.
GameStop (GME) has around $9 billion in cash and liquid securities on its balance sheet that could help fund an acquisition.
Cohen’s comments come after famed investor Michael Burry, a GameStop shareholder, on Monday applauded Cohen’s measured capital allocation and potential acquisitions as key drivers of shareholder value.
Shares of GameStop rose 1.4% in premarket trading on Friday.