The Carphone Warehouse is selling half of its mobile phone business to US retailer Best Buy, creating a new company. Best Buy is buying 50% of The Carphone Warehouse's European and US retail interests for £1.088 billion, leaving the Carphone Warehouse with 100% of its UK fixed-line businesses. The new combined company will operate over 2,400 stores in Europe plus outlets in the USA.The whole deal is subject to shareholder agreement at a meeting in August. Bob Willett, Best Buy's CEO, is expected to be chairman of the new venture with Roger Taylor, The Carphone Warehouse Group's current CFO, as CEO. Carphone Warehouse Group CEO Charles Dunstone will remain involved as part of a board of directors. [Press release]
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