Mattel Inc. (Nasdaq: MAT) is buying toy group Mega Brands, for $460 million.

Mega Brands, headquartered in Montreal, makes construction toys, games, puzzles and arts and crafts products. The company’s brands include Mega Bloks, Rose Art, Mega Puzzles, Mega Games and Board Dudes. The company also owns brand licenses for Halo, Skylanders, Call of Duty, Assassin’s Creed, Power Rangers, Hello Kitty and SpongeBob SquarePants.

Mattel, which owns the Barbie, Hot Wheels, Monster High, American Girl, Thomas & Friends and Fisher-Price Brands, expects the deal to help it enter the construction building sets and expand its arts and crafts toy categories. It also pits the company up against Danish toy maker Lego A/S.

The board of Montreal-based Mega Brands unanimously approved the sale. Fairfax Holdings Ltd., Mega Brands’ largest shareholder with a 19 percent stake, also approved the deal. The Toronto-based holding company, which invested in Mega Brands in 2008, is also the biggest shareholder of smartphone maker BlackBerry Ltd..

“A key pillar of our global growth strategy is the strategic acquisition of brands that will both benefit from our scale and help extend our reach into new and growing categories,” says Bryan Stockton, Mattel CEO.

The purchase price works out to about $15.94 per share. Before the deal closed, Mega Brands shares closed at about $11.74.

The acquisition follows toy deals by Propel Equity Partners, which bought Zoob in September, and Alex, a maker of children’s arts and crafts, in May.