LONDON (Reuters) - British electricals and mobile phone retailer Dixons Carphone has agreed to sell The Phone House Portugal, further streamlining its business as it focuses on markets where it has a leading position.
The group said on Friday it would sell the 130-store loss-making business to Digital Place, a company owned by the shareholders of the TLCI group of companies, a telecoms retailer and wholesaler in the region.
Following completion, expected by the end of next month, Dixons Carphone will receive a small cash consideration. A deferred cash consideration measured against profitability will be payable over five years.
Earlier this year the group sold The Phone House Netherlands and The Phone House Deutschland.
Shares in Dixons Carphone, up 36 percent over the last year, were up 1 percent at 454 pence at 1352 GMT, valuing the business at 5.2 billion pounds ($8.14 billion).
($1 = 0.6388 pounds)
Reporting by James Davey; editing by Kate Holton