4/22/2009 10:16:00 AM
Carphone split of retail and TalkTalk nearing
The prospect of Carphone Warehouse hiving off its telecoms business into a separate company became more certain, with chairman Charles Dunstone fleshing out more details about the proposed demerger.
Dunstone first spelled out intentions about the split in November last year, and Dunstone said the actual timing of the official demerger of two separate publically quoted companies would depend on ‘cost and reallocation of the Group’s credit facilities’.
Meanwhile, the company has been laying the groundwork ahead of the clearer division, with Dunstone adding that ‘the operational separation of the two businesses has already effectively been achieved.’
The first and biggest step to move Carphone’s retail business away from the telecoms business was evident when BestBuy bought 50% of the entire retail operation for £1.1bn in May last year.
Carphone’s retail business, ‘BestBuy Europe’, has Roger Taylor as CEO, while Wendy Becker is MD of TalkTalk, with Dunstone chairman of both entities.