The deal will see the amalgamation of nearly 3,000 high street stores into a brand to be known as Dixons Carphone.
Negotiations between the two retail heavyweights have been ongoing in earnest since early in the year, though apparently the concept of joining up has been in discussion since long before that.
The merger will bring together the 950 Currys and PC World stores under Dixons' umbrella and the 2,000-plus Carphone outlets around the country, plus CPW's 46% stake in Virgin Mobile France. The result will be a single company of around 35,000 employees.
That said, there will be an inevitable amount of “streamlining” once the deal is completed – cutting down on costs is one of the key attractions of this kind of deal, after all – but the result will still be overwhelmingly the biggest electronics retailer remaining on the high street.
Apparently no cash is changing hands, though the deal is "worth" around £3.8bn and will reportedly save the companies £80m per year, and both sides will continue to exist as separate entities focusing on their traditional product lines. For now, at least.