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Richard Schulze
Best Buy leaving Europe to streamline business
Best Buy leaving Europe to streamline business

Electronics retailer Best Buy Co. is leaving Europe, selling its stake in a partnership with London telecommunications company Carphone Warehouse Group as it attempts to simplify its operations. The Minneapolis chain said Tuesday that the boards of both companies had approved a deal valued at $775 million to end a joint venture that began in 2008. Each firm holds a 50% stake in the venture, which involves stores in eight countries. To take over Best Buy’s share, Carphone will pay roughly $650.6 million in cash and $123.9 million in Carphone stock. Best Buy will shell out about $45 million to settle existing agreements that will be terminated. If Carphone shareholders approve...