Tuesday, March 27, 2007

Best Buy Acquires Speakeasy

Best Buy announced Tuesday that it has acquired Speakeasy, a Seattle-based provider of broadband and other services. The deal was worth $97M, approximately 1.2 times Speakeasy's calendar year revenues of $80M. Speakeasy provides broadband voice, data, and IT service to customers across the United States, and employs about 300. The deal is expected to close in Best Buy's first quarter of its 2008 fiscal year. Bruce Chatterley, CEO of Speakeasy, will continue in his role on close of the acquisition, and the rest of the firm's executive team will also remain with the company, Best Buy said.