buy.com expands through acquisition of Telstreet.com

In a move to broaden its assortment into wireless products and services, buy.com has agreed to purchase Telstreet.com, an eRetailer of wireless phones, service and accessories, in an all-stock transaction.

``The wireless category is very attractive in terms of growth rates and the fit with our customer demographic," comments Greg Hawkins, President & CEO of buy.com. "The Telstreet acquisition integrates well with our global wireless strategy and provides a rapid entry to the wireless category in the U.S. This acquisition, together with our launch of a wireless store in Australia earlier this year through our buy.com Australia joint venture, positions buy.com to take a leading role in the global e-commerce wireless marketplace. In addition, we believe adding this category to our existing 10 stores in the U.S. will enable us to further leverage our virtual operating model.''

buy.com will issue an aggregate of approximately 1.6 million shares of its common stock, subject to downward adjustment in certain circumstances, in exchange for all of the outstanding capital stock and options of Telstreet.

07/13/00 SOURCE: buy.com