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Best Buy to Acquire Carphone Warehouse U.S. Mobile Stake

Best Buy Co., the world’s largest consumer-electronics retailer, agreed to buy Carphone Warehouse Group Plc’s stake in their U.S. mobile-phone joint venture for 838 million pounds ($1.34 billion) and close the U.K. stores it opened less than two years ago.

The purchase of Carphone Warehouse’s interest in a profit-sharing agreement for the Best Buy Mobile business in the U.S. and Canada will boost earnings next year, excluding items, the Richfield, Minnesota-based retailer said today in a statement. Carphone Warehouse will return almost all of the proceeds to shareholders, according to a separate statement.