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Best Buy Stores come to Europe
May 8 2008, 1:18am CDT | by Luigi Lugmayr
Best Buy announced a deal with the The Carphone Warehouse that will bring Best Buy Stores to Europe.
Best Buy stores in the U.S. are huge consumer electronics temples. If they can bring that scale to Europe they could hurt currently leading consumer electronics chains like Metro's Saturn and Media Markt or Dixons in the UK.Best Buy enters Europe via a venture with The Carphone Warehouse Group PLC.
The assets of the newly-formed company will comprise The Carphone Warehouse’s existing retail business, operating from more than 2,400 stores in nine European countries under the Carphone Warehouse and Phone House brands; and The Carphone Warehouse’s share of its existing relationships with Best Buy.
On completion of the transaction, The Carphone Warehouse and Best Buy will each own 50% of the retail business, comprising all the 2,400 stores, the web and direct businesses, the insurance operations, and its airtime reselling businesses. The Carphone Warehouse continues to own 100% of its fixed line telecoms business in the U.K., comprising TalkTalk, AOL Broadband and Opal; and its share of the Virgin Mobile France joint venture. Best Buy continues to hold its 2.9% stake in The Carphone Warehouse.
Best Buy is a world-leading consumer electronics retailer, with fiscal 2008 revenues of $40 billion, operating income of $2.2 billion, 150,000 employees and 1,314 stores providing over 48 million square feet of sales space in the United States, Canada and China. Best Buy plans to acquire a 50% stake in the new company for a cash consideration of £1.1 billion, or $2.1 billion.
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Luigi Lugmayr
Luigi is the founding chief Editor of I4U News and brings over 15 years
experience in the technology field to the ever evolving and exciting
world of gadgets. He started I4U News back in 2000 and evolved it into
vibrant technology magazine.
Luigi can be contacted directly at ml@i4u.com. Luigi posts regularly on LuigiMe.com about his experience running I4U.
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