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Thursday, October 28, 2021

JB Hi-Fi given thumbs up to buy Good Guys

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JB HI-FI has welcomed the competition watchdog’s green light to make a move for whitegoods retailer The Good Guys.

However, the electronics and furniture retailer says it has not yet entered into any agreement with The Good Guys and that it would only pursue an acquisition if it made “compelling” financial sense.

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“JB Hi-Fi continues to participate in the sale process but has made no decision,” a statement from JB Hi-Fi said.

The retailer said it understands The Good Guys is still considering a range of options including floating on the Australian Securities Exchange.

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On Thursday the Australian Competition and Consumer Commission said JB Hi-Fi’s proposed acquisition would not substantially reduce competition in either consumer electronics or whitegoods retailing, with Harvey Norman and Bing Lee among a raft of other companies in the markets.

“Other retailers such as Harvey Norman have a much higher degree of overlap with The Good Guys than JB Hi-Fi,” ACCC chairman Rod Sims said.

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Online Source

The Indian Telegraph Sydney Australia

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