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Carphone Warehouse Group plc Completes Acquisition Of Best BUY Co Inc's 50% Stake In CPW Europe-Form 8-K


Wednesday, 26 Jun 2013 08:32am EDT 

Best BUY Co Inc reported in its Form 8-K that on June 26, 2013, Best Buy (Best Buy) completed the sale of its 50% interest in New BBED Limited (Best Buy Europe) to Carphone Warehouse Group plc (CPW). The total purchase price of the transaction is GBP500 million (approximately $771 million), subject to adjustment as described below, of which: GBP370 million (approximately $570 million) was paid in cash by CPW to Best Buy at the Closing; GBP80 million (approximately $123 million) was paid by the issuance by CPW to Best Buy of 42,105,263 ordinary shares of CPW at the Closing; GBP25 million (approximately $39 million), plus 2.5% interest per year, will be paid by CPW in cash on the first anniversary of the Closing; and GBP25 million (approximately $39 million), plus 2.5% interest per year, will paid by CPW in cash on the second anniversary of the Closing. As reported on its Current Report on Form 8-K filed with the U.S. Securities and Exchange Commission (the “SEC”) on April 30, 2013, Best Buy, Best Buy UK Holdings LP, a wholly owned subsidiary of Best Buy, Best Buy Distributions Limited, a wholly owned subsidiary of Best Buy, CPW, and Best Buy Europe, entered into an Implementation Agreement providing for the sale of Best Buy's 50% interest in Best Buy Europe, Best Buy's venture with CPW, to CPW. 

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