Dixons and Carphone Warehouse are already two of the biggest names in tech on the highstreet, but the pair are now poised to become a serious retail juggernaut, as plans of a £3.7 billion merger have this morning been revealed.
Sky News reports that the two companies are to enter into a merger of equals, pulling together Dixons' 500 stores and Carphone Warehouse's 800. This will result in the formation of a new mobile phone and electrical goods retailer most likely to be called Dixons Carphone Group plc -- though the name has yet to be finalised.
Carphone co-founder is posed to become chairman of the combined group, with Dixons executives Sebastian James and Humphrey Singer becoming chief executive and chief financial officer respectively.
With the highstreet in decline, the two stores will become a united front, as the worlds of white goods and mobile increasingly converge as the Internet of Things expands. However, head office and senior job cuts are likely to follow the merger.
The deal is expected to be formally outlined ahead of a Takeover Panel deadline on May 19th, leaving not a hell of a long time for rival Phones4U to contest what is starting to look like the formation of a highstreet monopoly. [Sky News via Twitter]