Best Buy Co., the largest U.S. electronics retailer, will open its first stores in Europe by investing 1.1 billion pounds ($2.15 billion) in a joint venture with Carphone Warehouse Group Plc.
The 50-50 venture will include Carphone Warehouse's 2,400 retail stores in nine European countries, the companies said in a statement today. The assets will also include London-based Carphone Warehouse's share of an existing venture with Best Buy.
Best Buy will open stores under its brand name across Europe, beginning next year in the U.K., where the electronics retail market is dominated by DSG International Plc's Dixons, Currys and PC World stores. Richfield, Minnesota-based Best Buy has almost four times the revenue of its closest competitor, Circuit City Stores Inc.