Best Buy Co., Inc has agreed to acquire Speakeasy, Inc., an independent provider of broadband voice, data and IT services in the U.S. This move strengthens Best Buy’s technology portfolio in the small business space, delivered through the company’s Best Buy For Business unit.
The company anticipates a closing date for the transaction in the first quarter of its 2008 fiscal year. Following the close, Speakeasy would operate as a wholly owned subsidiary of Best Buy. The company disclosed the purchase price of approximately U.S. $97 million, which represents approximately 1.2 times Speakeasy’s calendar year 2006 revenue of $80 million. Best Buy expects the transaction to be neutral to fiscal 2008 earnings.
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