The Carphone Warehouse Group PLC and Best Buy Co., Inc. today announced the closing of their transaction to create a new venture aimed at addressing the evolving consumer electronics needs of European consumers, following the passing of resolutions relating to the transaction this morning.
All conditions relating to the completion of the transaction have now been satisfied or waived, and the transaction is therefore now complete in all respects, the two companies said in a joint statement.
The closing of the transaction marks the formation of a new company comprised of The Carphone Warehouse's existing retail and mobile service businesses. These businesses consist of 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. Both The Carphone Warehouse and Best Buy each now own 50 percent of the new company. The Carphone Warehouse continues to own 100 percent 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.
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