Best Buy buys its way into Europe
Best Buy, the biggest US electronics retailer, is paying US$2.1 billion for a 50% stake in Europe's largest cell phone retailer, Carphone Warehouse, the companies announced Thursday, 9 May 2008.
The Carphone Warehouse will place its 2,400 US and European stores in the new joint venture.
The deal also includes the Web and direct businesses of The Carphone Warehouse, the insurance operations, and its airtime reselling businesses.
The Carphone Warehouse will continue as sole owner of its fixed line telecoms business in the United Kingdom, which includes TalkTalk, AOL Broadband and Opal; and its share of the Virgin Mobile France joint venture.
