Samsung Electronics Co. Reportedly Considering Stake In Best Buy [Updated, Not True]
Samsung Electronics Co., Ltd. (KRX:005930) is
reportedly in talks to buy a stake in American electronics retail company Best Buy . [See update below] Samsung Electronics vice chairman Lee Jae-yong met with Best Buy executives in Korea to negotiate some kind of deal.
This past April, Samsung opened up Experience Shops in over 1,400 Best Buy retail stores in the U.S. Best Buy would be able to benefit by being able to increase their revenues and likely Samsung would likely have prime marketing real estate through the investment.
“I recently met with senior executives at BestBuy and discussed pending business issues,” stated Lee Jae-yong.
[UPDATE: We have received a statement from Samsung that says: Reports that Samsung is considering to acquire a stake in Best Buy are not true. There have been no talks whatsoever regarding stock acquisition of either company]