Dixons Retail and Carphone Warehouse have confirmed that they are to merge in a deal worth 3.8bn.
The parent firm of Currys and PC World and the mobile phone outlet will split ownership of the newly created firm, which will be known as Dixons Carphone, equally between their existing shareholders.
Dixons CEO Sebastian James announced the deal alongside thecompany's financial results, revealing that sales were up three per cent and forecasting total annual profit to be between 150-160mn.
The deal is predicted by Dixons to save up to 80 million from 2017–18 onwards, and would not result in the closure of any stores, meaning that the new Dixons Carphone company will operate out of around 2,900 stores across Europe – with 1,300 of them in the UK.
PCR has a lot more details.