November 6, 2011 / 10:39 PM / 6 years ago

Best Buy to buy Carphone out of U.S. venture: source

<p>Best Buy logo is seen at a Best Buy store in Toronto in this April 19, 2011 file photo. REUTERS/Mark Blinch/Files</p>

LONDON (Reuters) - U.S. electricals retailer Best Buy (BBY.N) has agreed to buy British partner Carphone Warehouse CPW.L out of a fast-growing U.S. mobile phone venture for over $1 billion, a person with knowledge of the deal said.

The deal, first reported by Sky News, is expected to be announced on Monday alongside news the joint venture will also close its loss-making megastores business in Britain.

The person said Carphone Warehouse would return some of the proceeds from the sale of a share in profits of Best Buy Mobile to its shareholders.

Carphone Warehouse declined to comment. Best Buy could not immediately be reached for comment.

Reporting by Mark Potter; Editing by Matt Scuffham

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