Best Buy acquires Speakeasy
Minneapolis (MN) - American retailer Best Buy announced today that it has reached an agreement to acquire Speakeasy, a provider of online services including voice-over IP and other IT services.
The electronics retailer obtained the independent company for a purchase price of $97 million. Speakeasy’s annual revenue for 2006 was $80 million. Under the agreement, Speakeasy will operate as a wholly owned subsidiary of Best Buy.
The acquisition is aimed almost exclusively at Best Buy’s "For Business" division. " By joining forces with Speakeasy...we are making technology more accessible to small businesses by creating a single source for their IT needs," explained Best Buy CFO Darren Jackson.
The retail chain says the deal should be finalized in the beginning of 2008.
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