Best Buy purchases Verizon MVNO Great Call for $800 million
If your father, mother, grandfather or grandmother are not of the smartphone generation, chances are that they are rockin' a Jitterbug phone. The flip phones with big buttons, loud speakers and brightly colored displays have been sold by Verizon MVNO Great Call for over ten years. Today, Best Buy said that it is buying Great Call for $800 million. The MVNO says that it currently has 900,000 subscribers.
"The acquisition is a manifestation of the Best Buy 2020 strategy to enrich lives through technology by addressing key human needs. It is specifically focused on addressing the growing needs of the aging population with the help of technology products, services and solutions."-Best Buy
Great Call was Best Buy's first retail partner and this transaction is the largest in Best Buy's history. Great Call is profitable, and will operate separately of Best Buy. CEO David Inns will keep his position, and corporate headquarters will remain in San Diego.
Regulatory approval is required, and the deal is expected to close by the end of Best Buy's fiscal 2019 third quarter in October of next year.
source: BestBuy
