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

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

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.

<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>

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

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below