Electronics retailer Best Buy Co. and The Carphone Warehouse Group PLC, Europe's largest cell-phone retailer, said Monday Best Buy's investment in The Carphone Warehouse is now complete.
Best Buy paid $1.1 billion in cash on hand and $1 billion of debt proceeds for The Carphone Warehouse.
Debt proceeds are from $500 million in bank borrowings and $500 million in five-year senior notes.
The closing of the deal creates a new company made up of The Carphone Warehouse's retail and mobile service businesses.
The Carphone Warehouse and Best Buy each now own 50 percent of the new company. The Carphone Warehouse continues to own all of its fixed line telecoms business in the U.K. and its share of the Virgin Mobile France joint venture.
Best Buy shares rose 23 cents to $40.28 in morning trading.
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