30

Apr

2013

Carphone Warehouse plans Best Buy buy-out

Author: The Fonecast

Carphone Warehouse is planning to take over the European business that bears its name, which is actually a 50/50 joint venture set up with US-based retailer Best Buy in June 2008. It’s agreed to pay £471 million for the 50% of CPW Europe it doesn’t already own.

This 50% share in Carphone Warehouse was originally sold for around £1.1 billion as part of Best Buy’s European expansion.

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7

Aug

2012

Former Best Buy chairman wants to take control

Author: The Fonecast

American technology retailer Best Buy Co. Inc. has confirmed that it’s received a letter from Richard Schulze, the company’s founder and former chairman, outlining an offer to acquire all the Best Buy shares he doesn’t already own. Mr Schulze resigned as chairman in June this year.

His offer of $24 to $26 per share is significantly above the current trading price for the company’s shares, which are trading at around $20.

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Categories: Retailing, News

Tags: best buy, usa

9

May

2012

Carphone Warehouse admits revenue and connections are down

Author: The Fonecast

Carphone Warehouse Group plc has published a trading update for the fourth quarter of its financial year.

Revenue at CPW Europe - the company’s 50% joint venture with Best Buy - were down 5.5%, while total connections were down 19%. Postpay connections were up in the UK, although the company estimates that the overall prepay market in Q4 was down 30-40% in the UK.

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7

Mar

2012

Visa Europe follows its Monitise investment with a stake in the Mobile Money Network

Author: The Fonecast

The UK-based Mobile Money Network, which is behind the Simply Tap mobile shopping app, says Visa Europe is planning to take a 15% stake in its business. Visa Europe will join the MNN’s three founders: Monitise, Best Buy Europe and Charles Dunstone.

The two businesses aim to implement a number of m-commerce initiatives in the UK in 2012.

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24

Jan

2012

Carphone Warehouse says low-end prepay market caused quarterly revenue drop

Author: The Fonecast

The Carphone Warehouse Group plc has published an interim management statement for the third quarter of its current financial year.

It says its business in Europe performed strongly on post-pay (‘pay monthly’ deals) and non-cellular products, although a weakness in the lower-value prepay market resulted in like-for-like revenue being down by 4.7% when compared with the previous year. Overall, figures for the full year are expected to be in line with previous guidance.

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