Market Overview

Best Buy Acquires GreatCall, a Leading Connected Health Services Provider


Acquisition is in line with Best Buy 2020 strategy

Strengthens company's position and growth opportunities in the
fast-changing health space, with a focus on the growing needs of the
aging population

Best Buy Co., Inc. (NYSE:BBY), a leading technology products and
services provider, today announced that it has signed a definitive
agreement to acquire GreatCall, Inc. for $800 million in cash.

GreatCall is a leading provider of connected health and personal
emergency response services to the aging population, with more than
900,000 paying subscribers. It has an award-winning approach to customer
care that helps older consumers stay independent longer, provides peace
of mind to family caregivers and reduces health care costs. It offers an
innovative combination of easy-to-use mobile products and connected
devices tailored for aging consumers. In addition, GreatCall has a range
of services, including a simple, one-touch connection to trained,
U.S.-based agents who can connect the user to family caregivers, provide
general concierge services, answer service-related questions and
dispatch emergency personnel.

The acquisition is a manifestation of the Best Buy 2020 strategy to
enrich lives through technology by addressing key human needs. It is
specifically focused on addressing the growing needs of the aging
population with the help of technology products, services and solutions.
The health space is a large, growing market where technology can help in
particular address the needs of aging consumers, their caregivers,
payers and providers. Today, there are approximately 50 million
Americans over age 65, a number that is expected to increase by more
than 50 percent within the next 20 years.

Best Buy currently has a growing business selling health- and
wellness-related products. It also has recently been investing in
health-related initiatives focused on the aging population that have
included the participation of several of the nation's leading health
care providers and insurers. The acquisition of GreatCall will augment
Best Buy's existing efforts in the health space, help bring compelling
solutions to more customers, and help fuel Best Buy's further growth in
the consumer and commercial markets.

"Since the launch of GreatCall, we've focused on providing the very best
technology and services to the aging population, giving them and their
families the peace of mind that comes with the right technology and
support to help keep them safe and improve their lives," said David
Inns, CEO of GreatCall. "We are excited to partner with Best Buy to
serve the active aging population on a bigger scale. GreatCall is
already a growing, profitable business with annual revenue in excess of
$300 million. By joining forces, we can do even more for this
population, combining our products, services and expertise with Best
Buy's customer focus and scale to meaningfully expand our reach."

"We know technology can improve the quality of life of the aging
population and those who care for them," said Hubert Joly, chairman and
CEO of Best Buy. "Now, we have a great opportunity to serve the needs
of these customers by combining GreatCall's expertise with Best Buy's
unique merchandising, marketing, sales and services capabilities. We
look forward to working closely with David and his management team and
are excited by the opportunities we have in the health space and the
strengths we can bring to bear in this area, especially our experience
with technology and serving customers in their home."

GreatCall will maintain its San Diego headquarters, as well as its Care
Centers in Carlsbad, California, and Reno, Nevada. Inns, who has been
with GreatCall since its formation in 2006, will remain as CEO.

The transaction is subject to regulatory approvals and other customary
closing conditions and is expected to close by the end of Best Buy's
fiscal 2019 third quarter. The company expects the impact of the
acquisition on its non-GAAP* earnings to be neutral in fiscal 2019 and
fiscal 2020 and accretive by fiscal 2021.

The acquisition is consistent with Best Buy's long-term capital
allocation strategy to first fund operations and investments in growth,
including acquisitions, and then to return excess free cash flow over
time to shareholders through dividends and share repurchases, while
maintaining investment-grade credit metrics. The acquisition is not
expected to impact Best Buy's dividend strategy or its previously
communicated plan to spend $1.5 billion on share repurchases during
fiscal 2019.

As scheduled, Best Buy plans to release its fiscal 2019 second quarter
financial results on Aug. 28, 2018, before the market opens.

Goldman Sachs & Co. LLC and Allen & Company LLC are serving as financial
advisors to Best Buy, and Simpson Thacher & Bartlett LLP is serving as
legal advisor to the company. Raymond James & Associates, Inc. is
serving as financial advisor, and Kirkland & Ellis LLP is serving as
legal advisor to the seller, private equity firm GTCR.

About Best Buy
We at Best Buy work hard every day to enrich
the lives of consumers through technology, whether they come to us
online, visit our stores or invite us into their homes. We do this by
solving technology problems and addressing key human needs across a
range of areas, including entertainment, productivity, communication,
food preparation, security and health. Please visit us at
and follow @BestBuy.

About GreatCall
GreatCall is the leader in connected health
for active aging. With health and safety solutions for older adults and
their family caregivers, GreatCall's innovative suite of easy-to-use
mobile products and award-winning approach to customer care helps aging
consumers live more independent lives. Products and services include:
Lively Mobile, Jitterbug Flip, Jitterbug Smart, Lively Wearable, Lively
Home and health, safety and wellness apps Urgent Care, GreatCall Link,
MedCoach and 5Star Urgent Response Service. GreatCall's products and
services are sold nationwide at leading retailers, as well as direct to
consumers at 1-800-296-4993 and online at GreatCall
is headquartered in San Diego, CA. To learn more, please visit

*Non-GAAP earnings exclude the impact of purchase accounting and
acquisition-related transaction costs.

This press release includes forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995. These
statements address the financial conditions, results of operations,
business initiatives, growth plans, operational investments and
prospects of the company. You can identify these statements by the fact
that they use words such as "anticipate," "believe," "assume,"
"estimate," "expect," "intend," "project," "guidance," "plan,"
"outlook," and other words and terms of similar meaning. These
forward-looking statements are subject to a number of risks and
uncertainties that could cause actual results to differ materially from
the potential results discussed in the forward-looking statements.
Factors that could cause actual results to differ materially include the
following: the conditions to the completion of the transaction may not
be satisfied; closing of the transaction may not occur or may be
delayed; Best Buy may not be able to achieve the anticipated benefits of
the transaction; revenues following the transaction may be lower than
expected; operating costs, customer loss, and business disruption
(including, without limitation, difficulties in maintaining
relationships with employees, customers, and suppliers) may be greater
than expected; the company may assume unexpected risks and liabilities.
Please refer to the company's current SEC filings, including its most
recent 10-K, for more information on these risks and uncertainties. Best
Buy cautions that any forward-looking statements speak only as of the
date they are made, and Best Buy assumes no obligation to update any
forward-looking statement that it may make.

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