Best Buy bails out of European venture in $775M deal
Best Buy is selling its 50 percent joint venture stake back to mobile phone retailer Carphone Warehouse for 500 million pounds ($775 million).
It's a massive loss for Best Buy, which bought 50 percent of Carphone Warehouse's retail operations for $2.1 billion in 2008, during the time where the global financial crisis was about to kick the European market firmly where it hurts.
In a statement on Tuesday, Best Buy said it has entered a definitive agreement to sell its half of the business in conjunction with Carphone Warehouse back to the company. The total figure includes … Read more