Dixons Carphone PLC (LON:DC.) has sold its Spanish business, comprising its holdings in The Phone House Spain, Connected World Services Europe, and Smarthouse for €55mln to Spanish telecom group Global Dominion Access.
The FTSE 250-listed firm said the deal is expected to be complete by the end of the electrical goods and mobile phones retailer's second quarter, with the cash – payable in two tranches at completion and in January 2018 – to be reinvested into Dixon’s business.
READ: Dixons Carphone to end its US joint venture with Sprint
Two years ago, Dixons disposed of its Phone House businesses in Portugal, Germany, and the Netherlands.
At the start of June this year, Dixons Carphone and US mobile network Sprint Corp (NYSE:S) announced that they were ending their retail joint venture because of the “changing US mobile market landscape”.
The UK firm said it is to concentrate its focus on its Honeybee tablet sales software, used under white label by companies such as Apple Inc (NASDAQ:AAPL), which the firm will roll out across the Sprint store network.
READ: Dixons Carphone up as fourth-quarter sales beat forecasts
Sprint, the fourth-largest US wireless carrier and backed by Japan’s SoftBank, and Dixons Carphone - which owns the Currys PC World chain in the UK - entered into an agreement in July 2015 to open and manage a number of Sprint Connect branded stores in the US as part of an expansion plan.