Just when we thought high street electrical retailers had done all the consolidating they could possibly do, here's another one: this morning, Dixons Retail and Carphone Warehouse confirmed their plans to merge.
Their new, rather retro, name: Dixons Carphone. Does anyone under 25 actually know what a carphone is? 'Dixons Carphone' sounds like something the coppers in Z Cars would have liked on the dashboards of their Ford Zodiacs. Hardly a great name for a business which is supposed to be focused on the Internet of Things...
The deal was confirmed briefly by James as part of Dixons' trading statement: he wasn't giving anything away about financials, just a paragraph about what it will do for customers (lots of stuff about 'embarking on new adventures').
What we do know is that the merger will create a company worth £3.8bn, with Dixons boss Sebastian James taking the role of CEO and Carphone Warehouse founder Sir Charles Dunstone becoming the chairman.
Dixons Carphone will have about 2,500 stores (2,000 Dixonses and 500 Carphone Warehouses), and will save the combined company £80m a year, according to the two. And although Carphone Warehouse reckons 'significant job creation' of about 4% should be expected, Dixons has said we should expect job cuts of about 2%. Presumably where the two double up.
Either way, it was probably a relief to Dunstone et al that Dixons announced positive results this morning. Underlying sales in 2013-14 rose 3%, while profits will be 'at the top end' of expectations of £150m to £160m.