New York/London - Seeking a first foothold in Europe, the US electronics giant Best Buy Co Thursday announced a joint venture with Britain's Carphone Warehouse Group Plc, with plans for first store openings in Europe next year.

Best Buy is investing 2.15 billion dollars in the 50-50 venture with Carphone, the companies said in a joint statement.

The assets are to include Carphone Warehouse's share of an existing venture with Best Buy.

The first Best Buy stores are to open in Britain, where it will challenge the dominant DSG International Plc's Dixons, Currys and PC World stores.

The Minnesota-based Best Buy has almost four times the revenue of its closest US competitor, Circuit City Stores Inc.

Carphone Warehouse, Europe's largest handset retailer, already sells its products in Best Buy stores in the US.

In Britain, Carphone has the franchise on Apple's iPhone-Handy.

The joint venture is expected to challenge other leading electronics firms in Europe, including Germany's Saturn and Media. (dpa)