UK retailers Carphone Warehouse, Dixons to merge

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Associated Press

Posted on May 15, 2014 at 4:03 AM

Updated Thursday, May 15 at 4:04 AM

LONDON (AP) — British cellphone seller Carphone Warehouse and consumer electronics retailer Dixons Retail Group have announced plans to merge in a deal that values the combined business at 3.8 billion pounds ($6.4 billion).

The deal is aimed at creating a major player in the "Internet of Things" — the growing range of Internet-enabled devices, from, fridges to toasters.

Dixons chief executive Sebastian James said Thursday the company would be "a leading force for retailing in a connected world."

Dixons Carphone PLC will have more than 2,000 stores across Europe and annual sales of about 12 billion pounds. Dixons owns Britain's the Currys and PC World chains.

Ownership will be split evenly between the two firms' shareholders.

Dixons said the deal, which is subject to regulatory approval, would not involve store closures.

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