Best Buy Invests $2.15B In U.K. Carphone Warehouse

May 8, 2008 11:40 a.m. EST

(AHN) - Electronics retail giant Best Buy will invest $2.15 billion in a joint venture with cell phone store chain Carphone Warehouse. The new stores will appear in the U.S. and Europe.

As part of the deal, the Best Buy Brand will be used for larger stores, while Carphone Warehouse will use its brand for smaller retailers.

The two companies already have a business relationship. Best Buy owns 3 percent of the U.K. retailer, while Carphone Warehouse offers Best Buy's Geek Squad service to U.K. customers.