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| Carphone Warehouse and Dixons confirm all-share merger of equals | |
| (about 1 hour later) | |
| Carphone Warehouse and Dixons have announced an all-share merger of equals in a deal worth £3.8 billion as the high street giants aim to build a multi-billion pound electronics business. | Carphone Warehouse and Dixons have announced an all-share merger of equals in a deal worth £3.8 billion as the high street giants aim to build a multi-billion pound electronics business. |
| The pair today confirmed speculation talks over the deal, which began in February, had been completed with a 50-50 partnership called Dixons Carphone. | The pair today confirmed speculation talks over the deal, which began in February, had been completed with a 50-50 partnership called Dixons Carphone. |
| The duo hope to save £80 million in costs by merging but have said the main motivation for the move is to harness the increasingly interdependence of smartphones and electrical appliances. | The duo hope to save £80 million in costs by merging but have said the main motivation for the move is to harness the increasingly interdependence of smartphones and electrical appliances. |
| Dixons boss Sebastian James will be the chief executive of the new company, Carphone founder Sir Charles Dunstone its chairman and Carphone boss Andrew Harrison will be deputy chief executive. | Dixons boss Sebastian James will be the chief executive of the new company, Carphone founder Sir Charles Dunstone its chairman and Carphone boss Andrew Harrison will be deputy chief executive. |
| Sir Charles Dunstone, Chairman of Carphone said: "We have a deep respect for each other and we see the merger of these two great companies as an opportunity to bring our skills together for the consumer and create a new retailer for the digital age. | Sir Charles Dunstone, Chairman of Carphone said: "We have a deep respect for each other and we see the merger of these two great companies as an opportunity to bring our skills together for the consumer and create a new retailer for the digital age. |
| “We are also creating jobs and we see many opportunities for further growth. This is a new chapter for both businesses and we are energised and proud to be part of what will be another fantastic journey for consumers and shareholders." | “We are also creating jobs and we see many opportunities for further growth. This is a new chapter for both businesses and we are energised and proud to be part of what will be another fantastic journey for consumers and shareholders." |
| Dixons chairman John Allan added: "This merger will create a new, world class British retailer for the new digital age, with new opportunities for growth and greater scale and reach." | Dixons chairman John Allan added: "This merger will create a new, world class British retailer for the new digital age, with new opportunities for growth and greater scale and reach." |