U.S. electricals retailer Best Buy Co Inc is buying its British partner out of a fast-growing U.S. mobile phone joint venture for $1.3 billion and scrapping plans for a chain of European megastores, it said on Monday.The moves are the latest sign Best Buy is scaling back its overseas ambitions to focus on its main U.S. business, which faces stiff competition from discounters and online retailers. Earlier this year, the U.S. group dropped plans for Best Buy-branded stores in China and Turkey.The decisions also underscore the gloomy outlook for European retailers as consumers there grapple with rising prices, subdued wages growth and government austerity.Best Buy said it would purchase out Carphone Warehouse Group Plc from a profit share agreement of their Best Buy Mobile venture in the United States, which has been benefiting from soaring demand for smartphones like Apple's iPhone.
Best Buy Co., Inc. is a multinational retailer of consumer electronics, home office products, entertainment products, appliances and related services. Shares of BBY remained unchanged at $27.31. In the past year, the shares have traded as low as $22.10 and as high as $45.63. On average, 7525210 shares of BBY exchange hands on a given day and today's volume is recorded at 100.
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