Gome Electrical to acquire China Paradise

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19 July 2006 — Shanghai (CHN): Chinese consumer giant Gome Electrical has announced plans to acquire China Paradise, the third biggest retailer in the industry.
 
The planned acquisition follows Best Buy’s move in to the Chinese electronics market when it purchased a $180 million minority stake in Jiangsu Five Star.
 
Gome’s acquisition of China Paradise is expected to create a company with  projected 2006 sales of $5.8 billion. Although the takeover will increase the company’s global purchasing power, it will remain only a fraction of that of Best Buy which has estimated 2006 US sales of $30.8 billion.