Carphone Looks for Best Buy
May 8, 2008
MOBILE phone and internet retailer Carphone Warehouse has today confirmed that it has sealed a GBP 1.1 billion investment from a US consumer electronics firm to launch a joint venture retailer across Europe.
The deal will see Best Buy take a 50 per cent stake in Carphone’s high street chain. They already have a joint venture in the United States.
Carphone will retain its broadband operation and plans to use the cash made from the transaction to further develop its fixed line business and reportedly fund a war chest to snap up struggling rivals.
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