CompUSA Announces Good Guys Acquisition Sep 30, 2003

Printable format  Email this Article  Search

CompUSA reached an agreement to acquire California, U.S.-based consumer electronics chain, Good Guys Inc. Good Guys currently operates 71 stores throughout California, Nevada, Oregon, and Washington. CompUSA will reportedly purchase all outstanding Good Guys stock for U.S. $2.05 per share in cash.

"At CompUSA, we're currently expanding our merchandise mix to include the latest entertainment technology. The acquisition of Good Guys is an exciting piece to our long-term growth game plan. We want to offer the seamless technology solutions our customers' lifestyles demand and, with Good Guys' solid reputation in delivering high-end entertainment technology, our offering just becomes that much stronger," said Hal Compton, CEO of CompUSA.

If approved by Good Guys' shareholders and regulatory authorities, the transaction will be funded by cash available at U.S. Commercial, CompUSA's parent company. The resources needed for the acquisition, along with additional capital, will be infused into CompUSA by U.S. Commercial, according to CompUSA.

Back to Daily News