Dixons and Carphone Warehouse have merged in a deal worth 3.8 billion. The new firm will be known as 'Dixons Carphone' and it will be split equally between existing shareholders.
Carphone Warehouse has over 2,000 stores in the UK and Europe, mainly in high street locations. Dixons Retail, which owns Curry's and PC World have 500 stores in the UK and Ireland.
Talks have been ongoing since February, but today saw the announcement of the all-share merger which will create the UK's biggest consumer electronics retailer with a combined revenue of 12 billion.
We are also creating jobs and we see many opportunities for further growth.
Dixons CEO Sebastian James announced the deal alongside the company's financial results, which saw sales increase three per cent and forecasting total annual profit to be between 150 to 160 million.
"Today we also announce that we are setting out on a new journey with Carphone Warehouse and it is good to be in such a strong position as we embark on this adventure," said James.
"The ability to take what we have built in electrical retailing and add the profound expertise of Carphone Warehouse in connectivity would make us a leading force in retailing for a connected world.
"Together we can create a seamless experience for our customers that will enable technology to deliver what it promises that is, to make their lives better."
The merger is expected to save the companies 80 million from 2017-18 onwards and the firms promised no closures of stores.
Sir Charles Dunstone, chairman of Carphone Warehouse, will become the chairman of Dixons Carphone, while James, CEO of Dixons, will become chief executive of the merged firm. Andrew Harrison, Carphone's chief exec, will become deputy CEO.
Dunstone said: "Both Carphone and Dixons have a huge commitment to delivering the consumer the very best service, product and advice around the connected world.
"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."
