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Thursday, May 08, 2008
Best Buy to Invest $2B in Carphone Warehouse
FOXBusiness
Best Buy is creating a new company with Carphone Warehouse, the largest cellphone retailer in Europe, according to a report by Dow Jones.
The new company’s assets will include the Carphone Warehouse retail business, which consists of 2,400 stores throughout nine countries in Europe and the United States, as well as web business, insurance operations and airtime reselling. Best Buy will offer a $2.15 billion cash payment to Carphone Warehouse in exchange.
The deal seeks to expand Carphone Warehouse’s retail arm and allow the Best Buy name to spread across Europe, according to the report
Once the transaction is complete, Best Buy and Carphone Warehouse will own equal 50% stakes in the business. Carphone Warehouse will continue to own all fixed line telecoms in the United Kingdom, including its share of Virgin Mobile France, TalkTalk, AOL Broadband and Opal.
The transaction is subject to shareholder approval.
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