Best Buy buys U.K. firm for $2.1 billion
MINNEAPOLIS -- Consumer electronics chain Best Buy Co. Inc. is establishing a foothold in the European market with a $2.1 billion investment in the continent's largest cell phone retailer, the companies said Thursday. The London-based Carphone Warehouse Group PLC will put its 2,400 Carphone Warehouse and Phone House stores in Europe into the new joint venture. The companies said they have been speaking for four years and have collaborated for two, developing the Best Buy Mobile concept for Best Buy stores in the U.S., and bringing Best Buy's Geek Squad, a 24-hour computer support task force, to Europe.
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