Best Buy rings up Carphone stake

Minneapolis retailer Best Buy Co. said at its earnings conference Tuesday that it has acquired a 3% stake in U.K.-based Carphone Warehouse Group plc for $183 million. The news of the Best Buy stake comes on the same day that the European mobile phone retailer announced a deal to exclusively sell Apple Inc.'s iPhone in Europe. Shares in Carphone Warehouse were up over 3.7%, or 13 pence, to 363.25 pence in the afternoon in London, giving the U.K. retailer a market value around £3.27 billion ($6.53 billion). Shares in Carphone Warehouse were also up earlier in September on speculation that Best Buy was planning on taking a stake in the company. —Phineas Lambert

See story from FT Alphaville blog

Tags: retail, acquisition, deals, m&a, mergers

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