LONDON (ShareCast) - (Sharecast News) - AO World finally completed the acquisition of Mobile Phones Direct on Monday after struggling to get through for several weeks.
The online white goods retailer had issued several updates in recent weeks assuring investors that it anticipated completion imminently, having first announced the deal on 9 November.

On Monday, AO World said it had completed the £32.5m cash-free, debt-free acquisition and issued 13.1m shares to the sellers of MPD.

AO has said the deal is a "significant step forward in our strategy of developing our growing range of online electricals", expanding the offer from the fridges and washing machines of its core business.

"Mobile Phones Direct already has a leading position within the UK online mobile phone market and is a business which is highly complementary to AO," said chief executive officer Steve Caunce at the time of the initial announcement.

"In coming together, AO will achieve instant scale and be well-placed for future opportunities within a highly attractive and growing UK mobile phone market."

In its late-November half-year results, AO reported a narrowing of its losses but struck a cautious note on the UK major domestic appliances market.

Shares in the company, down 29% since May's near two-year high, were little moved at 128p on Monday morning.

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