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DSG International (DSGi) is £30m better off following the sale of its 60 per cent equity stake in The Link to O2 (UK).
For a transitional period, DSGi will assist O2 in managing the 300 Link stores. DSGi will receive a management fee.
Under the deal, which is expected to be completed within four months, DSGi will receive ongoing billing revenues until 31 December 2007. It will also retain the Linkplan insurance business.
John Clare, DSGi group chief executive, said in a statement: “Now is the appropriate time to divest our interest in The Link, as we intensify our focus on our core operations in multi-channel electricals and computing retailing across Europe.”
Matthew Key, chief executive of O2 (UK), claimed: “This agreement will allow us to accelerate our O2 store roll-out plans. By having more stores closer to more customers, we can provide an even better service.”
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