Best Buy Agrees To Acquire Current Health As It Expands Into Healthcare

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Published: Oct 12, 2021, 19:51 UTC

Leading retailer Best Buy is expanding into healthcare after agreeing to acquire UK-based tech company Current Health for an undisclosed amount.

Best Buy Set To Acquire Current Health

Leading retailer Best Buy has announced earlier today that it has agreed to acquire U.K. tech company Current Health. The financial terms of the deal are yet to be disclosed, but Best Buy is now looking to become a major player in the health sector.

By acquiring Current Health, Best Buy will enter the healthcare strategy ecosystem and provide services such as remote patient monitoring and telehealth. The retailer said it intends to close the deal by the end of its current fiscal year.

This latest development doesn’t come as a surprise as CEO Corie Barry has on numerous occasions described the healthcare sector as a growth opportunity. She has highlighted numerous trends in the sector that she believes would work in the retailer’s favor.

Current Health CEO Christopher McCann stated that he is excited that the company has been acquired by Best Buy. Best Buy’s reach with stores and its trust with customers will ensure Current Health’s products will reach more people. “Over the coming decade, significantly more healthcare can be delivered in the home,” the CEO added.

Deborah Di Sanzo, president of Best Buy Health, pointed out that Current Health has unique expertise in helping its customers’ leverage technology to work for them from anywhere. “The future of consumer technology is directly connected to the future of healthcare,” Di Sanzo added.

BBY Stock chart. Source: FXEMPIRE

BBY Up By Less Than 1%

Current Health’s technology makes it possible for healthcare organizations to easily monitor their patients while at home. It leverages data from biosensors like wearable devices to give the medical personnel insights into a patient’s medical condition and to flag if immediate attention is required.

BBY is currently up by 0.5% following the earlier announcement. The stock is trading at $109.22 per share and is up by 11.5% since the start of the year.