TMCNet:  Talks over [pounds]3.6bn merger [Northern Echo (England)]

[February 25, 2014]

Talks over [pounds]3.6bn merger [Northern Echo (England)]

(Northern Echo (England) Via Acquire Media NewsEdge) BOSSES at Currys and PC World-owner Dixons Retail Group and mobile phone firm Carphone Warehouse are in talks over a [pounds]3.6bn merger.

The companies have more than 3,000 stores with annual sales in excess of [pounds]12bn.

Dixons employs more than 31,000 workers in 12 countries, and the merger announcement comes after it reported a strong Christmas sales period with like-for-like sales in the UK rising five per cent in the three months to January 4.

Carphone Warehouse, which has more than 2,000 outlets, revealed like-for-like revenues rose five per cent in the quarter to December 28, with its performance boosted by the popularity of more expensive smartphones.

A statement said: "The boards of Dixons and Carphone Warehouse confirm the two companies are in preliminary discussions regarding a possible merger.

"These discussions are at a very preliminary stage and there can be no certainty a transaction will be forthcoming.

"No decision has yet been reached regarding the structuring of any such merger." (c) 2014 ProQuest Information and Learning Company; All Rights Reserved.

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