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Saturday May 17 2008
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Carphone and Best Buy hail shake-up
Best Buy of the US and the UK’s Carphone Warehouse on Thursday promised to shake-up the European consumer electronics landscape with a new joint venture. Carphone also underlined its ambition to become the UK’s largest broadband provider, with an indicative offer of £550m for the UK broadband assets of Tiscali, the Italian telecoms company. Best Buy, the world leader in consumer electronics, is paying £1.1bn to Carphone for a 50% stake in the European JV, into which Carphone is putting all its retail assets. Lombard says while shareholders should welcome a stronger balance sheet for Carphone, the financial terms of the tie-up are “far from compelling” and the strategic logic “requires a leap of faith”.
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