Electronics giant JB Hi-Fi has revealed The Good Guys are no longer a rival, with the company confirming they have acquired the popular whitegoods retailer for a whopping sum.
The announcement was made on Tuesday morning in a statement posted on the Australian Securities Exchange (ASX) website.
According to JB Hi-Fi chief executive Richard Murray, the takeover will be extremely beneficial for both the company and its customers.
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“The acquisition is a very attractive strategic opportunity for JB Hi-Fi since The Good Guys is a highly complementary business which is aligned with our management philosophy and significantly enhances our offering in the $4.6 billion home appliance market,” Mr Murray said in the statement.
JB Hi-Fi and The Good Guys will continue to run independently and appear as two unique stores to customers, however behind the scenes they will be running as one.
The deal was finalised at $870 million.