Best Buy to Acquire UK-Based Current Health
Richfield-based electronics retailer Best Buy Co. Inc. continues its expansion into health care technology by signing a deal to acquire the United Kingdom-based Current Health Ltd., a “care-at-home technology platform.” Terms of the deal were not disclosed. Current Health is based in Edinburgh, the capital city of Scotland.
Current Health was founded to address how technology could help offer earlier, preventive care and reduce hospitalizations. That led to the development of a wearable monitoring device that patients can use in their homes that has the “same accuracy as an ICU monitor.” It then partnered with device makers, telehealth providers and home care providers to create an integrated platform to “enable organizations to design, build, and scale transformational care-at-home programs.”
A Tuesday filing from Best Buy with the U.S. Securities and Exchange Commission noted, “The transaction is subject to regulatory approval and customary closing conditions and is expected to close by the end of the company’s fiscal 2022 fourth quarter. The acquisition will be financed with cash and is not expected to impact the company’s previously communicated plan to spend more than $2.5 billion on share repurchases during fiscal 2022.”
The company’s fiscal year concludes at the end of January.
Best Buy has clearly focused on the intersection of health care and technology. Its Best Buy Health division touts itself as using “tech-enabled human interactions to transform the home into a site of care.” Its stores already sell Fitbits and other wellness-related products, including items like a high-tech blood pressure monitor.
Best Buy has already spent more than $900 million in recent years on health care acquisitions.
Best Buy acquired San Diego-based GreatCall Inc. for $787 million in 2018. GreatCall provides mobile devices linked with health care services for seniors.
Then-CEO Hubert Joly told Twin Cities Business in 2018: “Health is a very exciting space. We think it’s a huge white space where we can be really helpful to customers.”
In 2019, the company made two smaller health care acquisitions. In May 2019, it bought Critical Signal Technologies Inc., which provides technology to help seniors live longer in their homes, for $125 million.
In August 2019, Best Buy acquired the predictive healthcare technology business of BioSensics, LLC for $20 million. In September of the same year, the company said it expected to provide health monitoring services to as many as five million seniors by 2025.
“The future of consumer technology is directly connected to the future of healthcare,” said Deborah Di Sanzo, president of Best Buy Health, in a statement. “We have the distinct expertise in helping customers make technology work for them directly in their homes and by combining Current Health’s remote care management platform with our existing health products and services, we can create a holistic care ecosystem that shows up for someone across all of their healthcare needs.”