Hefner's Icon Acquisition Holdings LP said more than enough shares of Playboy Enterprises Inc. were tendered for the buyout to go through.
"Today marks the beginning of an exciting era for this company and our iconic brand,” Hefner said.
“I believe this new ownership structure will allow us to further capitalize on the unique and global appeal of the Playboy brand, and I look forward to our future success."
Hefner will remain editor-in-chief and chief creative officer of Playboy, with Scott Flanders continuing in his role as CEO. Both Hefner and Flanders maintain equity stakes in Playboy through their ownership interest in purchaser.
The $6.15-per-share deal was funded with $195 million of debt and $185 million from the private investment firm Rizvi Traverse and Playboy management, including Hefner.
"Our partnership with Rizvi Traverse brings Playboy new resources and expertise, which will help us more quickly and efficiently execute on our strategy to transform Playboy into a brand management company,” Flanders said.
“With this transaction completed, we can now turn our full focus on the effective management of our existing operations and the development of new business opportunities."
Under the deal, Rizvi Traverse will own about 60 percent of the company. Hefner will own about 37 percent, and other executive management will have the remaining 3 percent.