NEW YORK (CNN/Money) - Knickknack and gadget retailer Brookstone Inc. announced Friday that it has agreed to be acquired by a consortium led by Singapore-based OSIM International for about $417 million, or $20.50 per share.

The share price represents a 31 percent from Thursday's closing price of $15.60.

Shares of Brookstone (Research) surged over 28 percent in Nasdaq trading, although the stock is down 20 percent since Dec. 31.

In addition to the Singapore-listed healthy lifestyle products company, buyers include JW Childs Associates LP, a Boston-based private equity firm, and Temasek Holdings Ltd., a Singapore-based investment company.

"This transaction offers great value to our stockholders and tremendous opportunity for our company going forward," Michael Anthony, Chairman of the Board, President and Chief Executive Officer of Brookstone, said in a statement.

Anthony and other members of the board of directors will remain on the board while the transaction is pending, according to the company. Brookstone's senior management team is also expected to stay in place.

The transaction is expected to be completed in Brookstone's second or third fiscal quarter. Commitment letters have been obtained for all necessary debt financing from Goldman, Sachs & Co. (Research) and Bank of America (Research), the company said.

The transaction is subject to approval by Brookstone's shareholders, funding under the financing commitments and other customary conditions, including regulatory approvals.

The Merrimack, N.H.-based retailer operates 288 stores in the U.S. and Puerto Rico, over 100 more than its rival Sharper Image (Research).

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