Best Buy Acquires Speakeasy

Speakeasy, one of the largest DSL providers in the United States, has been acquired by Best Buy for $97 million, which the companies put at 20% greater than Speakeasy's 2006 revenues. Best Buy’s plan is to promote Speakeasy Small Business DSL through the company’s lesser-known Best Buy for Business program. Current Speakeasy customers are unlikely to be affected, at least in the short term. The deal won't even go down until the first quarter of 2008, and even then the plan is to run Speakeasy as an independent subsidiary of Best Buy. "We have a high regard for Speakeasy's employees, their culture, and their valued relationships with customers and vendors.They have a strong customer service-oriented approach, which is an excellent fit with Best Buy's culture and direction,” said Darren Jackson, Best Buy executive vice president and CFO.

Bruce Chatterley, President and CEO wrote the following in an email sent to the service's customers: "It is important to note that though Speakeasy will now be a wholly owned subsidiary of Best Buy, we will continue to operate as a standalone, independent operating division with headquarters in Seattle. Speakeasy will be an important part of the Best Buy For Business service that delivers simple, reliable, and affordable technology solutions to small businesses. Speakeasy's array of broadband voice, data and managed services offerings will be the focal point of the Best Buy For Business communications solutions.”

News source: Ars Technica

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