Best Buy strikes deal to acquire British health-care company, as it sees aging Baby Boomers and rise of exercise gadgets as growth opportunity
An employee brings a television to a customer’s car at a Best Buy store in Orlando, Florida.
Paul Hennessy | SOPA Images | LightRocket | Getty Images
Best Buy said Tuesday that it agreed to acquire Current Health, a U.K. tech company that helps with remote patient monitoring and telehealth.
Financial terms weren’t disclosed. Best Buy expects the deal to close by the end of the fiscal year, according to a filing with the U.S. Securities and Exchange Commission.
With the move, Best Buy is pushing further into health care — a sector that CEO Corie Barry frequently describes as a growth opportunity. She has pointed to several trends that work in the retailer’s favor, such as the desire of many baby boomers to age at home, the health-care industry’s need to manage costs and the popularity of watches and other tech that tracks people’s health.
The consumer electronics retailer already owns businesses that operate in the space. It acquired GreatCall in an $800 million deal in 2018. The company makes easy-to-use cell phones and connected health devices, and provides emergency response services for aging adults. It acquired another senior-focused company, Critical Signal Technologies, in 2019.
Current Health’s technology allows health-care organizations to monitor patients at home. It uses data from biosensors, such as wearable devices, to give a doctor insights into a person’s medical condition and to flag if he or she needs attention.
Current Health CEO Christopher McCann said in a news release that Best Buy is a good fit for the acquisition because of its reach with stores and its trust with customers.
“Over the coming decade, significantly more healthcare can be delivered in the home,” he said.
Deborah Di Sanzo, president of Best Buy Health, said the consumer electronics retailer already has “the distinct expertise in helping customers make technology work for them directly in their homes.”
“The future of consumer technology is directly connected to the future of healthcare,” she said.
Best Buy shares were trading up more than 1% in premarket trading.
