Carphone Warehouse sells US venture

Consumer electronics retailer Best Buy is to buy Carphone Warehouse's stake in their mobile phone venture in the US and close its British outlets

Carphone Warehouse in London (file shot)

Best Buy, the world’s largest consumer-electronics retailer, plans to buy Carphone Warehouse’s stake in their US mobile-phone joint venture and close the British outlets it opened less than two years ago.

Best Buy said today it will pay 838 million pounds for the 50 percent stake in the venture, which was formed by the companies in 2006.

Carphone Warehouse will return almost all of the proceeds to shareholders.

Best Buy Chief Executive Officer ...