Best Buy and Carphone Warehouse plan to form a joint venture that will require a $2.15 billion investment from Best Buy. Carphone Warehouse will be contributing its European and U.S. retail businesses to the JV in return for the $2.15 billion in cash from Best Buy. The JV will open its first stores in the U.K. next year before expanding into other parts of Europe. Larger stores will take Best Buy's branding, while smaller outlets will retain Carphone's moniker.

For more on Best Buy's investment:
- read this report from WSJ (sub. req.)

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