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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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Sure, we know some of you are saying the term "marriage penalty" is redundant. In fact, of all the costs associated with getting married (have you seen the cost of a wedding cake lately?), the marriage penalty can be the worst.
Here's how it works: Mr. and Mrs. Right walk down the aisle in wedded bliss and suddenly they¿re a two-income household. If both make roughly the same amount of money, they can be pushed into a higher tax bracket. That's bad, since the higher the bracket, the higher the tax. So, if both were single, they'd end up writing two smaller checks to the tax man that, if combined, would add up to less than the giant check they write in a state of wedded bliss.
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