November 25, 2017

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Dominion buys The Phone House

by Stuart Wilson, Monday 17 July 2017

Mikel Barandiaran, CEO of Dominion
Mikel Barandiaran, CEO of Dominion

Retail giant Dixons Carphone has agreed to dispose of its entire holdings in The Phone House Spain, Connected World Services Europe and Smarthouse to Global Dominion Access SA, a provider of technological services and solutions, headquartered in Bilbao, Spain. Dominion will integrate Phone House into its smart innovation business and look to deliver a range of services to consumers related to smart homes.

The Phone House has more than 500 stores and is committed to a multichannel strategy and counts with more than 2,000 staff with the expertise to advise customers on the best devices, rates and the operator that best suits their needs.

Following completion, Dixons Carphone will receive a consideration of €55m (US$63m) less working capital adjustments, payable in two non-contingent tranches at completion and in January 2018. Proceeds will be reinvested back into the business.

Dominion is present in more than 30 countries, employs more than 5,000 people and has more than 1,000 clients, with a turnover of €612m (US$700m) in fiscal year 2016. The company has been listed on the Spanish market since April 2016.

Mikel Barandiaran, CEO of Dominion, said: “We are a step ahead of the digital transformation and the consolidation of services in the industrial market, and we also want to position ourselves as an integrator of added value services around our homes. It is what we call ‘Smart House’. We believe in the need of a nearby store to centralise the growing demand of technological services from consumers.”

Dominion´s CEO also highlighted the potential for developing this business model in Latin America,

“Dominion is well established on Latin American countries; where we will apply the Smart House model,” Barandiaran added.

Fernando Urrutia, chairman of Phone House, said: “We join a strong and solid group with a clear growth commitment and great experience in digitalisation, which will represent a huge progress for the smart house project.”

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