Following months of speculation, JB Hi-Fi has finally announced their takeover of rival electronics and whitegoods retailer The Good Guys.
JB Hi-Fi placed a bid believed to be worth $870 million in order to acquire the 101-store Good Guys network. The acquisition will boost JB Hi-Fi’s total store count across Australia and New Zealand to 295 stores.
“The acquisition is a very attractive strategic opportunity for JB Hi-Fi since The Good Guys is a highly complementary business which is aligned with our management philosophy and significantly enhances our offering in the $4.6 billion home appliance market,” JB Hi-Fi chief executive Richard Murray said.
To read more about the acquisition and potential ramifications, click here.