May 19, 2014 / 6:36 AM / 4 years ago

UK's Dixons to sell central European operations

LONDON, May 19 (Reuters) - Dixons Retail, Europe’s No. 2 electricals retailer which last week said it planned to merge with Carphone Warehouse, has agreed to sell its ElectroWorld operations in Central Europe to local specialist NAY a.s..

Electroworld operates 26 specialist electrical retail stores across Czech Republic and Slovakia. It made a pretax loss of 5.6 million pounds ($9.4 million) on turnover of 129 million pounds in Dixons’ 2013-14 year.

Following completion, which is expected to take place during the summer, and which remains subject to regulatory clearance, Dixons expects to receive a small deferred cash consideration spread over three years.

Having announced the merger on Thursday, Dixons and Carphone have moved quickly to tidy up their portfolios.

On Friday, Carphone said it had agreed to sell its 46 percent stake in Virgin Mobile France. ($1 = 0.5942 British Pounds) (Reporting by James Davey, Editing by Paul Sandle)

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