"MINNEAPOLIS - Best Buy, the largest U.S. consumer electronics chain, has moved into Europe with a $2.1 billion investment in the continent's largest cell phone retailer, the companies announced Thursday.
Best Buy's 50 percent stake in a joint venture with Carphone Warehouse Group PLC will allow it to roll out its trademark big box stores in Europe, with the London-based company putting its 2,400 European stores into the new operation.
In a conference call with analysts, the companies said they have been speaking for four years, and have collaborated for two, developing Best Buy Mobile in the U.S., and bringing Best Buy's Geek Squad, a 24-hour computer support task force, to Europe.
"We believe our combined expertise has potential to result in significant financial upside as we together attempt to transform retail in Europe through the Carphone Warehouse, Phone House and Best Buy brands," said Brian Dunn, president and chief operating officer of Carphone Warehouse.
Brad Anderson, chief executive of Richfield-based Best Buy, said the companies share similar cultures and customer-related skills. He said the joint venture will allow Best Buy to grow."
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