AfterDawn: Tech news

Best Buy agrees to buy out Carphone Warehouse from mobile venture

Written by Andre Yoskowitz (Google+) @ 07 Nov 2011 12:12

Best Buy agrees to buy out Carphone Warehouse from mobile venture Giant retailer Best Buy has announced today that it will buy out its British partner Carphone Warehouse from the joint venture the two have in mobile phones.
Best Buy will pay $1.3 billion for Carphone's share.

The news about the Best Buy Mobile buyout was announced today along side news that Carphone would close all 11 trial Best Buy superstores in the UK due to poor performance.

Carphone has also noted that it will return some of the profits from the sale as a special dividend to shareholders.

Best Buy initially purchased 50 percent of Carphone's retail operations for $2.1 billion in 2008, in an effort to use the popular company's expertise in the mobile arena.

The Mobile venture has been mightily successful, but the brand's expansion into the UK has been a massive flop.

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