Key Developments: Best Buy Co Inc (BBY.N)

BBY.N on New York Stock Exchange

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Latest Key Developments (Source: Significant Developments)

Carphone Warehouse Group PLC Places Best Buy Co., Inc 7.5% Holding At 244 Pence Per Share-DJ
Wednesday, 3 Jul 2013 02:09am EDT 

Dow Jones reported that Carphone Warehouse Group PLC said that 42.1 million ordinary shares owned by Best Buy Co., Inc representing 7.5% of the Company's existing issued ordinary share capital, have been placed at 244 pence a share, raising GBP103 million. Deutsche Bank AG, London Branch and UBS Ltd acting as joint bookrunners. Carphone Warehouse is entitled to retain any upside on the sale price of the Consideration Shares above a value of 190 pence per share. Before the deduction of expenses and commissions, approximately GBP80 million of the Gross Proceeds are deliverable to Best Buy and Carphone Warehouse retains in aggregate approximately GBP23 million.  Full Article

Carphone Warehouse Group plc Completes Acquisition Of Best BUY Co Inc's 50% Stake In CPW Europe-Form 8-K
Wednesday, 26 Jun 2013 08:32am EDT 

Best BUY Co Inc reported in its Form 8-K that on June 26, 2013, Best Buy (Best Buy) completed the sale of its 50% interest in New BBED Limited (Best Buy Europe) to Carphone Warehouse Group plc (CPW). The total purchase price of the transaction is GBP500 million (approximately $771 million), subject to adjustment as described below, of which: GBP370 million (approximately $570 million) was paid in cash by CPW to Best Buy at the Closing; GBP80 million (approximately $123 million) was paid by the issuance by CPW to Best Buy of 42,105,263 ordinary shares of CPW at the Closing; GBP25 million (approximately $39 million), plus 2.5% interest per year, will be paid by CPW in cash on the first anniversary of the Closing; and GBP25 million (approximately $39 million), plus 2.5% interest per year, will paid by CPW in cash on the second anniversary of the Closing. As reported on its Current Report on Form 8-K filed with the U.S. Securities and Exchange Commission (the “SEC”) on April 30, 2013, Best Buy, Best Buy UK Holdings LP, a wholly owned subsidiary of Best Buy, Best Buy Distributions Limited, a wholly owned subsidiary of Best Buy, CPW, and Best Buy Europe, entered into an Implementation Agreement providing for the sale of Best Buy's 50% interest in Best Buy Europe, Best Buy's venture with CPW, to CPW.  Full Article

Best BUY Co Inc Recalls Batteries Over Fire Risk-AP
Wednesday, 19 Jun 2013 08:00pm EDT 

The Associated Press reported that Best BUY Co Inc is voluntarily recalling both black and white ATG lithium-ion replacement batteries for the notebook computers. The batteries were sold online or shipped to customers through its Geek Squad services from September of 2008 through June of 2012 for about $50. Best Buy said it is contacting customers to ask them to return the batteries for replacement or for a Best Buy gift card. Company spokesman Jeff Shelman noted that Best Buy is only one of many retailers that may have sold the batteries.  Full Article

Microsoft Corp And Best Buy Co Inc Collaborating On Ministores Inside Of Best Buy-DJ
Thursday, 13 Jun 2013 12:05pm EDT 

Dow Jones reported that Microsoft Corp and Best Buy Co Inc said they are collaborating on ministores inside of Best Buy devoted to Windows-powered computers and other Microsoft electronics gear. Executives from the two companies said the Windows stores will begin to open this summer in 500 Best Buy locations in the U.S. and in more than 100 Best Buy-owned stores in Canada. The Windows Store, as the ministores will be known, will take the place of existing computer sections inside of participating Best Buy locations.  Full Article

Best BUY Co Inc Announces Regular Quarterly Cash Dividend
Wednesday, 22 May 2013 08:00am EDT 

Best BUY Co Inc announced that the Board of Directors has authorized payment of a regular quarterly cash dividend of $0.17 per common share. The quarterly dividend is payable on July 2, 2013, to shareholders of record as of the close of business on June 11, 2013.  Full Article

Carphone Warehouse Group PLC Announces Proposed Acquisition of Best BUY Co Inc's 50% Stake in CPW Europe
Tuesday, 30 Apr 2013 02:01am EDT 

Carphone Warehouse Group PLC announced that it has conditionally agreed to acquire the 50% of New BBED Limited (CPW Europe) that the Company does not already own from Best BUY Co Inc (Best Buy) for a net consideration of GBP 471 million (the Proposed Acquisition). GBP 341 million of the net consideration will be paid in cash on completion of the Proposed Acquisition with the balance satisfied by the issue to Best Buy on completion of a GBP 80 million stake in Carphone Warehouse and GBP 50 million of deferred cash consideration payable in two equal instalments on the first and second anniversaries of completion.  Full Article

Best BUY Co Inc Announces Quarterly Dividend
Monday, 4 Mar 2013 10:00am EST 

Best BUY Co Inc announced that Board Of Directors has authorized payment of a regular quarterly cash dividend of $0.17 cents per common share. The quarterly dividend is payable on April 11, 2013, to shareholders of record as of the close of business on March 21, 2013. The Company had 338,275,674 shares of common stock issued and outstanding as of February 2, 2013.  Full Article

Best BUY Co Inc Canada To Shut 15 Stores, Lay Off 5%-Reuters
Thursday, 31 Jan 2013 05:13pm EST 

Reuters reported that Best BUY Co Inc's Canadian division will close 15 of its big-box stores across the Country and lay off 5% of its workforce in a drive to cut costs, the consumer electronics retailer said. About 5% of its Canadian workforce will be laid off, a company spokeswoman said in an email. The National Post newspaper pegged the total number of layoffs at 900. About 5 percent of its Canadian workforce will be laid off, a company spokeswoman said in an email. The National Post newspaper pegged the total number of layoffs at 900.  Full Article

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Best Buy to sell China business, focus on North America

SHANGHAI - U.S. retailer Best Buy Co Inc said on Thursday it will sell its struggling China business, Five Star, to domestic real estate firm Zhejiang Jiayuan Group in order to focus on its North American operations.

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