According to a new Korean report, Samsung could be deep in talks for the acquisition of American electronics retail chain Best Buy. The Vice Chairman of Samsung Electronics, Lee Jae-yong reportedly met with Best Buy execs in Korea to negotiate this deal further. In April, Samsung decided to open Experience Shops in over 1,400 Best Buy locations around the U.S., which gives credence to this report. Best Buy can benefit greatly if this deal goes through as it is struggling to sustain in this vastly competitive electronics retail industry with juggernauts like Amazon getting the bulk of the customers. Samsung on the other hand will get more exposure for its devices if it acquires a stake in Best Buy.
Best Buy is certainly not the company it once used to be, and it is said that Samsung is prepared to offer more subsidies for the retailer so that sustenance could be much easier. There’s no additional details as of yet but we will know more as Samsung and Best Buy come to an agreement for the acquisition. So don’t be surprised if you find increasing number of Samsung kiosks inside Best Buy outlets in the coming days.
Source: Korea Times
Via: Phone Arena