Best Buy Prepares to Acquire Current Health

Oct 12, 2021 By MarketDepth

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Best Buy (NYSE: BBY) announced Tuesday that it is set to acquire Current Health, a leading remote healthcare technology platform, which helps with patient monitoring and telehealth.

“The future of consumer technology is directly connected to the future of healthcare. We have the distinct expertise in helping customers make technology work for them directly in their homes and by combining Current Health’s remote care management platform with our existing health products and services, we can create a holistic care ecosystem that shows up for someone across all of their healthcare needs.”

Deborah Di Sanzo, President of Best Buy Health

Financial details regarding the agreement have yet to be disclosed. However, according to a filing with the U.S. Securities and Exchange Commission, the electronics retailer expects the deal to close by the end of the fiscal year.

Move into Healthcare

Amid the novelty, Best Buy is moving more towards the healthcare industry, a move CEO Corie Barry identifies as a growth opportunity. Barry has hinted to various positives regarding the health-care industry such as the eagerness baby boomers have to age from home as well as the health-care industry’s urgency to stabilize costs.

“Over the coming decade, significantly more healthcare can be delivered in the home. We started Current Health to make that exciting transition radically easier for healthcare providers to achieve. Best Buy has unparalleled physical reach, world-class supply chain logistics, and trusted support services–allowing us to provide a high-touch consumer experience, at scale. We’re excited to join with Best Buy Health to move safe and effective healthcare into the home globally.”

Christopher McCann, CEO of Current Health

Best Buy shares rose over 1% during premarket trading.