Best Buy Spends $775M To Break Up European JV

Law360, New York (April 30, 2013, 1:16 PM EDT) -- Best Buy Co. Inc. is breaking up its European joint venture through a £500 million ($775 million) sale to its joint venture partner, it said Tuesday, marking the retailer's first major move since a botched takeover attempt escalated speculation it would sharpen its U.S. focus.

The deal, set to be completed in June, closes out a partnership between Best Buy and Carphone Warehouse Group PLC, which founded the European business alongside the big-box giant five years ago. Best Buy will take a huge hit in the...
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