Two high street store chains in the United Kingdom are merging, it has been revealed. Dixons Retail, operator of over 500 Currys PC World electronics stores in the country, will join up with Carphone Warehouse, a store chain specializing in mobile phones with more than 2,000 stores across Europe, with the deal said to be worth £3.8 billion ($6.3 billion). Discussions started in February, reports the BBC, with the deal set to save approximately £80 million ($13.4 million) per year from 2017 onwards.
Dixons Retail, the owner of Currys and PC World, and mobile phone retailer Carphone Warehouse have announced they are to merge in a deal worth £3.8bn. The new firm will be known as Dixons Carphone, with ownership to be split equally between the two firms’ existing shareholders. Dixons operates more than 500 Currys and PC World stores in the UK and Ireland. Carphone Warehouse operates more than 2,000 stores across Europe. Shares in Dixon’s fell by 5% and in Carphone Warehouse by 3% in trading on the London Stock Exchange after the announcement. The two firms disclosed in February that they were in talks about a tie-up. Dixons chief executive Sebastian James announced the deal as he gave details of the firm’s trading performance for the financial year.
