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Best Buy completes Five Star buyout

By Zheng Lifei (chinadaily.com.cn)
Updated: 2009-02-16 13:36

Best Buy, the top US consumer electronics retail chain, announced that it has completed the acquisition of Jiangsu Five Star Appliance Co, China's third largest home appliance retailer.

The US retailer has offered $185 million in cash to acquire the remaining 25 percent stake it didn't own from Five Star minority shareholders before February 21, the company said in a statement.

Best Buy bought a 75-percent stake in Five Star in 2006 for $184 million.

The retailer, which entered Chinese market in 2003, currently operates six stores in China, all in Shanghai.

After the acquisition, it will have access to 161 Five Star outlets.