Reuters - Best Buy to exit Europe by Selling Stake to Carphone

U.S. retailer Best Buy Co Inc is selling its 50 percent stake in a joint venture with Europe'sindependent mobile phone retailer Carphone Warehouse Group back to its European partner for about 500 million pounds (or $775 million), writes Reuters. Best Buy bought 50 percent of Carphone's retail operations for about $2.1 billion in 2008 to tap the British firm's expertise in mobile phones and to act as a springboard for expansion across Europe, writes Reuters.

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