Carphone Warehouse announces £1.1bn deal

Carphone Warehouse today announced plans to create a European consumer electronics empire after striking a £1.1bn (€1.4bn) deal with US group Best Buy.

The mobile phone retailer and TalkTalk operator is to spin off its 2,400-strong retail store network into a joint venture with Best Buy, with aims to open stores selling electronic goods from TVs to PCs and laptops throughout the UK and Europe.