July 21 – Suning Appliance (002024) will buy three branches of American specialty electronics retailer Best Buy in Shanghai and Hangzhou, which are expected to contribute revenues of 450 million and 500 million yuan, reports nbd.com.cn. Two of three outlets target on high-end users, the source noted.

The Best Buy store on Guangxin Road, Shanghai, has the largest area and is expected to earn Suning some 100 million yuan in revenue, the source said. Both it and the Hangzhou branch have recently resumed operations.

Suning is pursuing the acquisition of other Best Buy outlets in mainland China. Before October 1, it will add another 10 outlets in Shanghai.

Best Buy Co., Inc is based in Richfield, Minnesota and operates more than 1,150 stores across North America and Turkey. The company announced in late February this year that it would exit the China market this year.