Dixons Carphone (LON:DC) was the biggest riser on the FTSE 100 in early Thursday trading after it announced that it would be expanding into the US.
The UK company which was formed by a merger between Dixons and Carphone Warehouse, will enter into a joint venture with US company Sprint to build and operate an initial 20 stores.
“We bring specialist knowledge and skills to this partnership and will be looking to deliver innovation and outstanding customer service under the Sprint brand,” said Andrew Harrison, Dixons Carphone Deputy Group Chief Executive.
If successful, the second phase involves a planned 200 store openings funded by a $32 million investment from Dixons Carphone.
“We are excited to partner with Dixons Carphone and to leverage all their know-how as one of the world’s leading wireless retailers to benefit Sprint and its customers,” said Sprint CEO Marcelo Claure.
Shares in Dixons Carphone were up 3.57% at 475.4p