Best Buy Europe, the joint venture between Carphone Warehouse and US electrical group Best Buy, is to sell its Belgian retail business.

Carphone Warehouse said agreement has been reached to offload the 83-store chain – which trades as The Phone House - to Belgacom for €22m, subject to clearance by Belgium’s competition authorities.

The deal is understood to have been triggered by the compelling valuation put on the business by Belgacom and does not mean the retailer will dispose of its stores in other international markets.

Best Buy Europe’s insurance business in Belgium is not included in the deal.