The new venture between with Best Buy has been hailed the ‘next big step in the growth Carphone Warehouse’.
Carphone co-founder and CEO Charles Dunstone, said: ‘Today's announcement marks the next big step in The Carphone Warehouse's growth story.
‘We have built The Carphone Warehouse by anticipating consumers' changing needs and adapting in advance to meet them.
‘We have been working closely with Best Buy for nearly two years and it is clear that we have very complementary cultures, skills and assets – it's a perfect match.
‘Best Buy brings demonstrable expertise in merchandising, sourcing and customer service: that should help us accelerate the evolution of our business towards the broader connectivity market.
‘We bring local knowledge, infrastructure and the expertise in linking services to product: that should help them push into larger format consumer electronics retailing in Europe.’
Roger Taylor, Carphone CFO, added: ‘We are joining forces with a leader in consumer electronics retailing to enter a major new market together.
‘In addition, the proceeds from the transaction give us the power and flexibility to maximise the value of our fixed line business and enhance its scale and profitability.
‘Our employees, customers and suppliers all stand to benefit from the increased opportunities that the venture brings – as do our shareholders.’
Brad Anderson, vice chairman and CEO of Best Buy said: ‘We believe that we can collapse time, increase our success with consumers and create more shareholder value for both companies by pursuing our goals together.
‘The Carphone Warehouse offers complementary capabilities as well as local customer insights, and has a similar passion for the customer and employee experience.’
Bob Willett, CEO - Best Buy International and chief information officer, said: ‘We have seen great companies fail because they thought they could simply export their current business model to new geographies.
‘We intend to plan our European entry strategy carefully, focused on customer needs, and with on-the-ground help from our trusted partner, The Carphone Warehouse.’