3/23/2010 11:15:00 AM
Carphone Warehouse demerger gets court approval
Carphone Warehouse has received approval from the High Court of Justice for its plans to separate its retail and telecoms businesses.
The independent mobile retailer laid out plans to split TalkTalk and Carphone Warehouse last summer.
If the final plans are confirmed by the High Court the last day of dealings in Carphone Warehouse shares will be up until 4.30pm on 23 March 2010.
The New Carphone Warehouse will become the holding company of Carphone Warehouse and all new shares will be listed on 29 March.
A statement on the Carphone Warehouse website said: ‘The Carphone Warehouse Group PLC is pleased to announce that the High Court of Justice in England and Wales has today made an order sanctioning the Scheme, under Part 26 of the Companies Act 2006, to effect the separation of the TalkTalk business by a demerger to TalkTalk Telcom Group PLC.’
American retailer Best Buy paid £1.1bn for a 50% stake in Carphone’s retail arm in May 2008 and is due to open its first UK stores imminently.