Best Buy to Acquire Majority Interest in Jiangsu Five Star

MINNEAPOLIS, May 12, 2006 – Best Buy Co., Inc. (NYSE: BBY) has agreed to acquire a majority interest in Jiangsu Five Star Appliance Co., Ltd. (Five Star), China’s fourth-largest appliance and consumer electronics retailer. This transaction, consistent with the company’s previously announced strategy for global expansion, will provide Best Buy with an immediate retail presence in China through Five Star’s 136 stores throughout eight of China’s 34 provinces. Together with Five Star’s knowledgeable, established management team, Best Buy hopes to accelerate its understanding of customers and retail operations in the world’s fastest-growing market. The transaction has received the necessary Chinese government regulatory approvals, including a business license that was granted on May 11, 2006. The transaction is expected to close in June 2006.

Download release Best Buy to Acquire Majority Interest in Jiangsu Five Star