Best Buy has announced that it will sell its stake in its Best Buy Europe to the Carphone Warehouse, the company currently owns fifty percent of Best Buy Europe, which will now we owned by European mobile retailer the Carphone Warehouse.
Best Buy Europe was created in 2008, and it was a joint venture between Best Buy and the Carphone Warehouse, the deal is worth £500 million or $775 Million to Best Buy, which is made up of £420 million in cash and $80 million in Carphone Warehouse stock.
“After reviewing the business and spending time with our partners, we concluded that the timing and economics were right to enter into this agreement with CPW,” said Hubert Joly, president and chief executive officer of Best Buy. “This transaction allows us to 1) simplify our business; 2) substantially improve our Return on Invested Capital, one of the five pillars of our Renew Blue transformation; and 3) strengthen our balance sheet,” added Joly.
Source Best Buy
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