Carphone Warehouse buys back Best Buy stake

At the end of April, Carphone Warehouse announced that it had conditionally agreed to acquire the 50% of its European joint venture with Best Buy that it did not already own for £471 million. The deal will complete in June, with £341 million paid in cash. In addition, Best Buy will take an £80 million stake in Carphone Warehouse, and £50 million will be paid in two equal instalments on the first and second anniversaries of the deal’s completion. This ends the five year joint venture.