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Consumer electronics retailer Best Buy Thursday said it will acquire 50 percent of The Carphone Warehouse for about £1.1 billion ($2.1 billion).
Best Buy hopes to take advantage of The Carphone Warehouse's expertise in sourcing mobility products, bundling services and operating smaller stores, it said. The deal should also help The Carphone Warehouse grow in Europe.
The new company will comprise The Carphone Warehouse's existing retail business, including more than 2,400 stores in nine European countries under the Carphone Warehouse and Phone House brands. It will also introduce Best Buy stores and Web sites across Europe, starting next year.
Best Buy currently operates 1,314 stores in the United States, Canada and China.
The Carphone Warehouse will use the proceeds from Best Buy to pay down debt and make investments in broadband. The deal remains subject to Carphone Warehouse shareholder approval. It is expected to close by August 30, the end of Best Buy's fiscal second quarter.
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