Best Buy bids farewell to Europe, sells stake in Carphone Warehouse


Best Buy Co. Inc. is selling its 50 percent stake in its European joint venture to its London-based partner Carphone Warehouse Group for about $775 million in cash and stock, the Star Tribune reports.

Reuters says that's less than half of the $2.1 billion the Richfield-based consumer electronics giant paid for the stake five years ago.

Chief Executive Officer Hubert Joly, who wants to focus on fixing Best Buy's core business in the U.S., said the transaction will streamline its business, strengthen its balance sheet, and improve its return on invested capital.

“Each international market is different and the sale of our European operations should not suggest any similar action in our other international businesses," Joly said in a news release. Best Buy still operates stores in Mexico, Canada and China.

Click here, to follow Best Buy's stock performance.

Next Up

police lights

5-year-old dies 3 weeks after assault, mother's charges upped to murder

The girl died three weeks after the assault took place.

hospital, emergency room

2 teens, Texas man suffer life-threatening injuries in MN crash

One of the drivers crossed the center line and hit the other vehicle.

WIkimedia Commons - Frey April 20, 2021

Frey under fire for $359K Agape contract awarded via COVID order

Some council members called it a "misuse" of his powers, but the mayor pushed back.

minneapolis mayor - Sheila Nezhad and Jacob Frey

Minneapolis DFL fails to endorse a candidate for mayor

Sheila Nezhad and Jacob Frey finished first and second, respectively, in the endorsement process.


Maplewood man charged with DWI after 'guys weekend' ends in tragedy

The 32-year-old was drunk-driving a pontoon, with one of his friends falling off and dying.


Storm reports: Hail the size of tennis balls, baseballs hammered MN

Big-time hailstones slammed Lonsdale and Cannon Falls.

duluth police department

Man arrested for violent assault, robbery of 78-year-old in Duluth

The victim suffered stab wounds and broken bones in the attack.

Minneapolis police

More body parts found in 2nd area of Northeast Minneapolis

Police are looking for additional body parts.


2 killed in head-on crash involving trucks on Highway 23

The crash was reported just before 6 a.m. Thursday.