News: Best Buy Acquires Speakeasy

Category: Internet, General News
Posted: May 2, 2007 07:09AM
Author: LoArmistead

Speakeasy - Best Buy Co., Inc. (NYSE: BBY) has agreed to acquire Speakeasy, Inc., one of the largest independent broadband voice, data and IT service providers in the United States. This move strengthens Best Buy's technology portfolio in the small business space, delivered through the company's Best Buy For Business unit. Best Buy 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 $97 million, which represents approximately 1.2 times Speakeasy's calendar year 2006 revenue of $80 million. Best Buy currently expects the transaction to be neutral to fiscal 2008 earnings.

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