Retailer Dixons Carphone – which owns Currys/PC World and Carphone Warehouse – has entered into an agreement to sell its Phone House Deutschland GmbH virtual mobile network operator.
The network will be signed over to telecoms provider Drillisch AG, with Dixons Carphone receiving three per cent in shares of Drillisch, and potential further deferred payments from future excess cash flows, following completion of the deal, which is expected to take place by the end of May at the latest.
The sale follows a period of restructuring for the German business.
Sebastian James, group chief executive of Dixons Carphone, said: “Having previously announced the disposal of our retail operations and the closure of our wholesale hardware operations in Germany, today’s announcement is a positive move to secure the future of the significant remaining operations within The Phone House Deutschland through a partnership with Drillisch AG, a highly professional, successful and growing business. At the same time, this transaction enables Drillisch to broaden its horizons into wholesale connection and dealer operations.
“At the same time, this transaction enables Drillisch to broaden its horizons into wholesale connection and dealer operations.
“We have also agreed a long-term service contract, for the provision of insurance, with scope to expand this into further services in future, through our Connected World Services division.
“We believe that this is the start of a strong, healthy and growing business together and I could not be more pleased to be working with this excellent team.”