UK-based handset and electronics retailer Dixons Carphone (LON:CPW) has agreed to sell The Phone House Portugal to Digital Place, a company owned by the shareholders of local rival TLCI for a “small cash consideration”.
UK-based handset and electronics retailer Dixons Carphone (LON:CPW) has agreed to sell The Phone House Portugal to Digital Place, a company owned by the shareholders of local rival TLCI for a “small cash consideration”.
The Phone House Portugal operates 130 stores and, for the 13 months to 2 May 2015, reported losses after restructuring costs of £8m and impairments costs of £13m.
Completion is expected by the end of August, when Dixons Carphone will receive the consideration, together with a contingent deferred cash consideration measured against profitability and payable over five years.
The company sold off its Czech and Slovak business ElectroWorld in August 2014, and then The Phone House Netherlands and The Phone House Deutschland in April, in line with its stated strategy of “focusing on market leadership positions”.
Dixons Carphone is also present in Ireland, the Nordics, Spain and Greece. A spokesperson was not available for immediate comment.
Electronics retailer Dixons and handset seller Carphone Warehouse completed their £3.8bn merger in August 2014.