Best Buy eyes firm's JV stake
Source: Bloomberg News |
November 8, 2011, Tuesday
|
Print Edition
Print Edition
BEST Buy Co, the world's largest consumer-electronics retailer, plans to buy Carphone Warehouse Group Plc's stake in their United States mobile-phone joint venture and close the UK stores it opened less than two years ago.
Best Buy said yesterday it will pay 838 million pounds (US$1.34 billion) for the 50 percent stake in the venture, which was formed by them in 2006. Carphone Warehouse will return almost all of the proceeds to shareholders, it said separately.
Best Buy CEO Brian Dunn is betting on mobile phones in the US, where slumping television sales and competition from Amazon.com Inc have led to five straight quarterly declines at stores open at least 14 months. The 11 "big box" stores that are being closed in the UK have been hit by a decline in consumer spending.
"The investment community has wanted to see Best Buy take full control of the US mobile business where there's still strength at least for the near term," Joe Feldman, an analyst at Telsey Advisory Group in New York, said.
Best Buy said yesterday it will pay 838 million pounds (US$1.34 billion) for the 50 percent stake in the venture, which was formed by them in 2006. Carphone Warehouse will return almost all of the proceeds to shareholders, it said separately.
Best Buy CEO Brian Dunn is betting on mobile phones in the US, where slumping television sales and competition from Amazon.com Inc have led to five straight quarterly declines at stores open at least 14 months. The 11 "big box" stores that are being closed in the UK have been hit by a decline in consumer spending.
"The investment community has wanted to see Best Buy take full control of the US mobile business where there's still strength at least for the near term," Joe Feldman, an analyst at Telsey Advisory Group in New York, said.
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