JB Hi-Fi completes the acquisition of The Good Guys

Scott Barbour/Getty Images

Electronics retailer JB Hi-Fi has formally closed the $870 million acquisition of home appliance chain The Good Guys.

The deal announced in September will take the total JB Hi-FI network to 295 stores across Australia and New Zealand.

JB Hi-Fi shares were trading at $26.17, down 1.2% today.

Each retail store brand will be retained with its own support offices and go-to-market strategies.

“We are very pleased to have successfully completed the acquisition of The Good Guys and are excited about creating a market leading consumer electronics and home appliance retail group,” said group CEO Richard Murray.

The Good Guys, established in 1952 as Mighty Muirs, had $2.09 billion in revenue for the year to the end of June.

The retailer has an appliance focus, from refrigerators to handheld electronics, while JB Hi-Fi runs an entertainment and computing retail business.

JB Hi-Fi raked in $3.95 billion of revenue for the 2016 financial year, up 8.3% from the previous year.

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