The world's largest consumer electronics chain Best Buy Co (BBY.N) with stores in the United States, Canada, China and Mexico is looking at a sale of or partnership for its Chinese business to better focus on its U.S. business, the Wall Street Journal reported citing people familiar with the matter. The company does not comment this information.
The company could get about $300 million from its Chinese business, where it operates under the names Five Star and Best Buy Mobile, the report said.
The company is working with Bank of America Merrill Lynch (BAC.N) to consider its options and evaluate its overseas portfolio.
Last year, the company sold its stake in a European joint venture to Carphone Warehouse Group (CPW.L).
A sale would enable Best Buy to focus on the United States and to invest in businesses with better growth prospects such as mobile and e-commerce.
The
world's largest consumer electronics chain Best Buy Co (BBY.N) with
stores in the United States, Canada, China and Mexico is
looking at a sale of or partnership for its Chinese business to
better focus on its U.S. business, the Wall Street Journal reported
citing people familiar with the matter. The company does not comment
this information.
The company could get about $300 million from its Chinese business, where it operates under the names Five Star and Best Buy Mobile, the report said.
The
company is working with Bank of America Merrill Lynch (BAC.N) to
consider its options and evaluate its overseas portfolio.
Last
year, the company sold its stake in a European joint venture to
Carphone Warehouse Group (CPW.L).
A sale would enable Best Buy
to focus on the United States and to invest in businesses with better
growth prospects such as mobile and e-commerce.
In May, Best
Buy reported a better-than-expected quarterly profit, showing signs
that Chief Executive Hubert Joly's turnaround efforts were
progressing.
