Best Buy has entered into a definitive agreement for the sale of its 50 per cent interest in Best Buy Europe, the joint venture it created in 2008 with Carphone Warehouse. The roughly $775 million cash-and-stock deal is expected to close in June this year.

Hubert Joly (President and CEO, Best Buy): Each international market is different and the sale of our European operations should not suggest any similar action in our other international businesses.

Best Buy formed the Best Buy Europe joint venture with CPW in June 2008. The joint venture operates stores in eight countries.