Dixons Carphone offloading Spanish operations for £48m

Electrical and telecoms retailer Dixons Carphone has agreed to sell it entire holdings in The Phone House Spain, along with its related companies Connected World Services Europe and Smarthouse, to Bilbao-based technological services firm Global Dominion Access, it announced on Friday.

The FTSE 250 company said completion was expected to take place in the second quarter.

“Following completion … [we will] receive a consideration of €55m (£48.4m), less working capital adjustments, payable in two non-contingent tranches at completion and in January 2018,” the Dixons Carphone board said in its statement.

“Proceeds will be reinvested back into the business.”