Best Buy acquiring 50% stake in Carphone Warehouse

US based retailing giant Best Buy has announced that they are now acquiring a 50 percent stake in Europe’s largest cell phone retailer Carphone Warehouse.

They are paying close to around USD 2.1 billion for this stake.

The deal would give them access to web and direct businesses of The Carphone Warehouse, the insurance operations, and its airtime reselling businesses.

Carphone Warehouse said that they would continue to retain the ownership of its fixed line telecoms business in the United Kingdom.

Carphone Warehouse added that these funds would be used to pay down debt, invest in broadband customer growth, infrastructure and other areas.

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