Best Buy gobbles up Speakeasy
As some of its rivals close shop
in many locations, Best Buy seems to be doing well enough to expand its business. The consumer electronics retail behemoth has agreed
to purchase Seattle-based independent broadband internet service provider Speakeasy, according to a press release on Speakeasy's website. This purchase is intended to strengthen Best Buy's position in the small business sector, where the company already has a presence via its Best Buy for Business
, er, business unit. Best Buy will cough up approximately $97 million for the acquisition, which it expects to close some time in the first quarter of 2008. Rather than absorbing Speakeasy, Best Buy will operate the ISP as a wholly-owned subsidiary.