Dixons Carphone has agreed to dispose of its entire holdings in The Phone House Spain for €55m (£48.4m).
Global Dominion Access SA, a Spain-based tech services provider, has snapped up the group’s business, which also includes its Connected World Services (CWS) Europe and Smarthouse.
The deal is likely to complete before the end of the calendar year and the proceeds will be reinvested back into the business.
Dixons Carphone’s Spanish division accounted for 2.9% of the group’s overall full-year sales last year, which totalled £10.5bn.
It comprises of 504 The Phone House stores, 261 of which were franchises.
The group currently operates a number of brands across the UK, Ireland, Greece and the Nordics, and is focused on being the market leader in each of these. It held only around a 7% share of the Spanish market.
Last month the group, led by chief executive Seb James, sold its stake in the joint venture with US firm Sprint to focus on the roll-out of its Honeybee digital software.
The joint venture – part of the electricals giant’s CWS division – involved Dixons Carphone managing a number of Sprint-branded stores in the US and providing consultancy services.
The company has focused on diversification since its merger in 2014, investing in and developing its services business alongside its core retail operations.
At its full-year results last month, Dixons Carphone declared a record pre-tax profit – up 10% to £501m.