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CE giant pens Future Shop deal
MINNEAPOLIS -- When Best Buy announced last December it was entering Canada, management estimated it would take more than four years to open approximately 65 new sites. Fast forward nine months to the announcement that Best Buy is purchasing Canadian chain Future Shop, and the retailer can put a checkmark next to the item on its "to do list" that reads: complete Canadian expansion.
The deal calls for Best Buy to purchase the 88-store chain for $387 million in cash, or $11.05 per share, a 48% premium on the stock price. The retailer will use cash to finance the deal and secure additional financing at a later date, said cfo Darrin …