The Carphone Warehouse has agreed a £650m funding deal with Barclays as part of its acquisition of Best Buy’s stake in the retailers’ former joint venture.

Carphone Warehouse today completed the syndication of a £400m revolving credit facility and a £250m term loan, representing one of the largest underwritten transactions in the UK so far this year. 

The facility, arranged as part of the group’s recent £471m acquisition of Best Buy’s 50% interest in Carphone Warehouse Europe, will also support its day-to-day working capital needs.

Carphone ended its partnership with Best Buy in April after the US giant decided to retrench to its domestic market to improve its fortunes.  

Barclays’ retail and wholesale team director Kevin O’Sullivan said: “Carphone Warehouse has consistently demonstrated an outstanding ability to perform successfully in a very competitive space. Our established relationship with the group ensured we were able to tailor and deliver this facility in a timely fashion as it looks to its future.”