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Best Buy Co. (BBY)

- NYSE
  • Jun. 24, 2014, 6:50 PM
    • Best Buy (BBY) is working with BofA/Merrill to explore options for its Chinese ops, including a sale or partnership, sources tell the WSJ.  Some of them think the business could be worth $300M.
    • Soft Chinese sales were partly blamed for a 10.5% Y/Y FQ1 drop in Best Buy's international sales; the company has been seeing tough competition from Chinese online retailers.
    • Best Buy is a year removed from selling its 50% stake in the U.K.'s Carphone Warehouse back to Carphone for $775M. The company had $2.57B in cash at the end of FQ1, and $1.6B in debt.
    | Jun. 24, 2014, 6:50 PM | 1 Comment
  • Apr. 30, 2013, 3:58 AM
    Best Buy (BBY) is selling its 50% stake in Carphone Warehouse back to Carphone Warehouse for $775M. BBY paid $2.15B in June 2008 to expand its stake from 3% to 50%, but its plans to roll out Best Buy Europe big box stores were aborted in 2011. BBY will take a non-cash charge of $200M for the sale in Q1. Best Buy, which still operates stores in Mexico, Canada and China, says the move does not signal any similar action in our other international businesses. (PR)
    | Apr. 30, 2013, 3:58 AM | Comment!
  • Mar. 1, 2013, 4:53 AM
    Talks between Best Buy (BBY) and a group made up of founder Richard Schulze and three private-equity firms over the consortium taking a large minority stake in the retailer have reportedly ended after it was unable to attract the necessary debt and equity financing. Schulze had originally wanted to take Best Buy private; he had until last night to organize a bid, but he'll now have to wait until next year if he wants to try again.
    | Mar. 1, 2013, 4:53 AM | 1 Comment
  • Feb. 26, 2013, 4:48 PM
    Best Buy (BBY -3.2%) -1.3% AH, adding to the day's losses, after 5 sources tell Reuters Richard Schulze's buyout attempt is in jeopardy thanks to financing issues. Schulze is now said to be focused on a minority investment, one that could a PIPE transaction, but investors are said to remain hesitant. Talks with P-E firms Leonard Green, Cerberus, and TPG have reportedly made little progress. Schulze is facing a Thursday deadline to deliver a buyout proposal. (Feb. 13 WSJ report) Update: Best Buy has pushed back its FQ4 report by a day to March 1 to if Schulze makes a bid.
    | Feb. 26, 2013, 4:48 PM | 8 Comments
  • Feb. 13, 2013, 5:45 PM
    Best Buy (BBY -2%) founder Richard Schulze is mulling whether to scrap plans for a buyout of the struggling electronics chain and instead (along with other investors) obtain a minority stake, the WSJ reports. Sources claim Schulze, who owns ~20% of Best Buy, hasn't yet secured enough financing for a buyout, which is leading him to explore his options. But no decision has been made yet. The report led Best Buy to dive in the final minutes of trading after rallying earlier.
    | Feb. 13, 2013, 5:45 PM | 3 Comments
  • Nov. 20, 2012, 2:48 AM
    Richard Schulze is now reportedly working separately with P-E firms Cerberus, TPG Capital and Leonard Green on a bid for Best Buy (BBY) despite previous speculation saying Cerberus had dropped out. Apollo (APO) and KKR are unlikely to collaborate with Schulze on an offer. He's asked Best Buy for a 30-day extension on an upcoming deadline to complete his due diligence so he can see how well the holiday sales go.
    | Nov. 20, 2012, 2:48 AM | Comment!
  • Nov. 16, 2012, 4:38 PM
    Best Buy (BBY -9.8%) founder Richard Schulze is still working on a buyout offer for the electronics chain, a source tells Bloomberg. Shares fell to 10-year lows today, apparently on speculation Schulze's offer might not pan out. Reuters reported last week Schulze might end up bidding at a price below the $24-$26/share range he previously suggested. (earlier)
    | Nov. 16, 2012, 4:38 PM | 1 Comment
  • Nov. 9, 2012, 3:13 AM
    Reuters firms up investor speculation that following a sharp fall in Best Buy's (BBY) share price, founder Richard Schulze could make a lower bid for the retailer than the $24-$26 he suggested in August. That would have valued the deal at $8.16B-$8.84B, or up to $10.9B including debt. P-E firms Apollo, TPG and Leonard Green could join Schulze, although Cerberus has dropped out. A bid's not expected before December.
    | Nov. 9, 2012, 3:13 AM | Comment!
  • Oct. 3, 2012, 3:41 AM
    Best Buy (BBY) founder Richard Schulze and at least four P-E firms, including Apollo Global (APO), are studying the struggling retailer's books ahead of a possible buyout offer worth up to $10.9B, including debt, Reuters reports. Schulze plans to join the firms together in a consortium and submit an offer, although they remain skeptical.
    | Oct. 3, 2012, 3:41 AM | 4 Comments
  • Aug. 29, 2012, 9:48 AM
    A Best Buy (BBY -1.8%) buyout is unlikely, Oppenheimer's Brian Nagel writes, even though the situation is fluid and a deal is feasible. Ample cash flow and a still healthy balance sheet suggest BBY could support the added leverage associated with an LBO, he says, but potential PE buyers likely will be scared away by a declining business model.
    | Aug. 29, 2012, 9:48 AM | 3 Comments
  • Aug. 6, 2012, 10:58 AM
    Shares of Best Buy (BBY +15.5%) settle back a bit from earlier highs as the company confirms receiving an offer from Richard Schulze to buy out shareholders at $24-$26 a share. The Best Buy founder will need to raise $1B-$2B from P-E firms and $7B-$8B in debt to make a deal fly, according to BB&T Capital Markets.
    | Aug. 6, 2012, 10:58 AM | Comment!
  • Aug. 6, 2012, 9:05 AM
    A letter sent by Best Buy founder Richard Schulze to the company's board says Credit Suisse is "confident" it can scrap together the financing needed to help take the company private. NBG's Brian Sozzi warns the unwillingness of board to cooperate signals a buyout is "no slam dunk" as the retailer's steep challenges still remain. BBY +23.1% to $21.86, below the reported buyout range of $24-$26.
    | Aug. 6, 2012, 9:05 AM | 2 Comments
  • Aug. 6, 2012, 8:32 AM
    Best Buy (BBY) moves up 20.1% premarket off of a report that founder Richard Schulze has put together a buyout offer at $24-26 per share.
    | Aug. 6, 2012, 8:32 AM | 4 Comments
  • Nov. 7, 2011, 9:30 AM
    In addition to buying out Carphone Warehouse's mobile JV stake, Best Buy (BBY) is acquiring mindSHIFT Technologies, a provider of IT services for small and mid-sized businesses, for $167M. The mindSHIFT deal is further evidence of Best Buy's growing reliance on services to offset market share losses to online retailers. BBY -0.4%.
    | Nov. 7, 2011, 9:30 AM | Comment!
  • Nov. 7, 2011, 3:55 AM
    More on Best Buy (BBY) - Carphone Warehouse deal: Despite closing Best Buy stores in the U.K., the companies will continue to focus on their "connectivity" strategy in Europe. This includes accelerating the roll-out of their successful "Wireless World" stores and the enhancement of the unit's online and mobile commerce platforms. (PR)
    | Nov. 7, 2011, 3:55 AM | Comment!
  • Nov. 7, 2011, 3:41 AM
    Best Buy (BBY) confirms reports it will buy out U.K. company Carphone Warehouse in their 50-50 mobile-phone JV in the U.S., with the American retailer to pay $1.3B. The companies will also close their 11 unprofitable Best Buy megastores in Britain, abandoning plans to expand the brand in Europe. (PR)
    | Nov. 7, 2011, 3:41 AM | Comment!
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Company Description
Best Buy Co Inc is a retailer of technology products, including tablets and computers, televisions, mobile phones, large and small appliances, entertainment products, digital imaging and related accessories.
Sector: Services
Country: United States