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Best Buy Buys Half of Carphone Warehouse for $2.1B

DATE: 08-MAY-2008
Discuss Total Posts: 1
By Chloe Albanesius
Best Buy is heading across the pond to form a new company with British consumer electronics leader, Carphone Warehouse.

Best Buy will purchase 50 percent of Carphone Warehouse's retail business for $2.1 billion, and the two companies will launch a completely new venture. (The U.K.-based company operates more than 2,400 stores in nine European countries, but those of us in the U.S. might know Carphone Warehouse from HBO's "Extras" as the place of employment for Andy's inept agent, Darren.)

Best Buy stores, services and Web sites will start popping up in Europe in 2009, the company said. Hopefully the new venture will include a new name for Carphone Warehouse, since I don't believe I've actually seen a car phone since 1991.

Carphone Warehouse also owns a fixed-line telecom business, which Best Buy hopes to leverage, according to a release.

The move comes one month after Best Buy purchased a 2.9 percent stake in Carphone Warehouse.

Originally published at Gearlog.


 


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