Bangkok-based IT chain store Com7, under the Banana brand, has taken over 44 BKK outlets from Bangkok Telecom 999.
The TB184 million (US$5.1 million) deal is a bid by Com7 to drive its expansion into the mid- and entry-level segments.
“This is our first acquisition for the purpose of pursuing growth,” says Com7 chief executive Sura Khanittaweekul. The roll-out is expected to be completed in the first quarter of next year.
Com7 will keep the BKK branding on its acquired stores, most of which are in high-density areas. At least 10 of the stores compete directly with Com7.
BKK Telecom 999 still has 36 BKK branches.
Sura says the acquisition will enable Com7 to expand more quickly as it will not need to build its own stores. It will be able to tap the mid- and entry-level markets with handsets priced below TB10,000 a unit.
Com7 aims to expand its retail shops to 500 branches by the end of next year, up from 365. It launched Bananastore.com in August to extend its sale channels online.