The five-year deal starts this month and sees Best Buy enjoy benefits across The O2 site, including the arena and indigO2, the O2's 2,300 capacity music venue. It will also own the naming rights to the 750 capacity VIP Lounge.
As part of the deal, Best Buy customers will enjoy upgrade opportunities and access to VIP tickets, as well as exclusive gigs at indigo2 and AEG Live events, promoted under Best Buy's own rewards programme, My Best Buy.
To mark the deal sponsorship there will be a series of exclusive gigs at the indigO2, under the banner 'Best Buy Presents...'. These will be headlined by Ellie Goulding, with the first exclusive gig taking place on 5 July with 1,225 pairs of free tickets available to be given away by Best Buy.
Best Buy will promote the Goulding gig to customers at the recently opened Thurrock, Hedge End and Merry Hill stores. There will also be locally based marketing activity through direct marketing, My Best Buy, on its UK website and on Twitter and Facebook.
Consumers that spend over £30 on products in store will be given a reference code and will be eligible for a pair of free tickets to the show and entry to the after-party.
Kevin Styles, marketing director at Best Buy UK, said: "Best Buy has a long-standing heritage and commitment to supporting entertainment and so I'm delighted to confirm our partnership with The O2."
He added: "Additionally, through My Best Buy, our customers already enjoy access to relevant offers suited to their individual interests as well as taking advantage of their own personalised area of the My Best Buy website, where customers can store receipts and other information about previous purchases.
"This exciting development with AEG will allow us to further reward My Best Buy customers with gig tickets and VIP experiences."
Best Buy is opening a store in Merry Hill in the West Midlands this month followed by Aintree near Liverpool and Croydon later in the year, and Bristol in 2011.
The US retailer partnered with Carphone Warehouse in 2006, allowing the UK business to bring its mobile phone expertise to the US market under the banner 'Best Buy Mobile'.
Two years later, Best Buy acquired 50% of the Carphone Warehouse's US and European retail interests for £1.1bn, and created the joint venture, Best Buy Europe.
The new venture was designed to accelerate the development of Carphone Warehouse's retail proposition and to introduce Best Buy stores across Europe.
The area was unveiled at the Thurrock store that month and stocks energy-saving products such as electric cars, motorcycles, scooters and bicycles.
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