Eden Prairie, Minn. - Best Buy has completed its planned acquisition of Future Shop, Canada's largest CE specialty chain, in a cash-for-stock transaction valued at about $360 million.
The buyout of the 91-store business represents the first stage in Best Buy's plans to export its brand internationally.
As part of the acquisition, Future Shop founder Hassan Khosrowshahi has stepped down as chairman/CEO, while Kevin Layden will continue as president/chief operating officer, reporting to Best Buy president/chief operating officer Brad Anderson.
'We are pleased that the transaction was cleared before the beginning of the important holiday selling season,' said Best Buy chairman/CEO Dick Schulze. He said the merger 'helps achieve Best Buy's goal of becoming a global leader in the technology and entertainment industry, and provides Future Shop with the resources of a multi-national organization committed to growth and expansion throughout Canada.'
Future Shop will operate as a separate Canadian subsidiary of Best Buy, and its stores will eventually take the name of their new corporate parent. Added Layden, 'The post-merger integration process will be a collaborative effort, maximizing the talent and expertise of Future Shop employees. We look forward to being a part of the Best Buy family.'