Best Buy to buy majority stake in China retailer

Iria · May 12, 2006, 06:19 PM

Source: ZDNet
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Consumer electronics retailer Best Buy said on Friday it would acquire a majority stake in a Chinese appliance retailer for $180 million, giving it a foothold in a market dominated by local players.

Best Buy said the purchase of Jiangsu Five Star Appliance, China's fourth-largest appliance and consumer electronics retailer, would give it control of the Chinese firm's 136 outlets.

The transaction had received approval from the Chinese authorities and was expected to close in June, it said in a statement.

May 12, 2006, 06:19 PM	#1
Iria DriverHeaven Extreme Member Join Date: Apr 2004 Posts: 7,275 Rep Power: 89	Best Buy to buy majority stake in China retailer Source: ZDNet __________ Consumer electronics retailer Best Buy said on Friday it would acquire a majority stake in a Chinese appliance retailer for $180 million, giving it a foothold in a market dominated by local players. Best Buy said the purchase of Jiangsu Five Star Appliance, China's fourth-largest appliance and consumer electronics retailer, would give it control of the Chinese firm's 136 outlets. The transaction had received approval from the Chinese authorities and was expected to close in June, it said in a statement.