Best Buy withdraws from Europe

US electronic goods retail giant Best Buy confirmed Tuesday it was withdrawing from Europe, selling its stake in its joint venture launched with Carphone Warehouse Group, AFP reports. A Best Buy statement said the company was selling its interest in a deal worth £500 million (590 million euros, $772 million), divided into a cash deal of £420 million and 80 million shares. Best Buy Europe was created in 2008 with Carphone Warehouse, operating stores in eight countries. "After reviewing the business and spending time with our partners, we concluded that the timing and economics were right to enter into this agreement ...," Best Buy chief executive Hubert Joly said in a statement. Joly said the sale would allow Best Buy to simplify the company's business while boosting returns on invested capital and boldering the balance sheet. However he insisted the sale was not a precursor to similar moves in other regions, which include Mexico, Canada and China. "Each international market is different and the sale of our European operations should not suggest any similar action in our other international businesses," Joly said.