Electronics stores Dixons and Carphone Warehouse are to merge and present themselves as combined market challenger under the name Dixons Carphone.
The move will create around £80m in savings annually, starting as early as next year. The companies have not responded to questions from V3 about possible store closures and redundancies.
"We are incredibly excited about the opportunity today's news brings to our organisations, our consumers and our investors," said Sir Charles Dunstone, chairman of Carphone Warehouse, in a statement.
The firms announced their intentions earlier in the spring. Both foresee immediate positives, and claimed that consumers and investors are expected to benefit.
"This merger will create a new, world class British retailer for the new digital age, with new opportunities for growth and greater scale and reach," added John Allan, chairman of Dixons.
"Colleagues of both complementary businesses are experts in their fields, with a shared passion for technology, connectivity and brilliant service.
But rival retailer Phones 4u expressed disappointment at the news, as voiced by Phones4u CEO David Kassler, as the firm had a reseller agreement with Dixons.
"I am naturally disappointed that Dixons Retail has chosen to go down this route. I believe Phones 4u has been a strong, proactive partner for Dixons over the last three years and we will continue to add value and mobile expertise in our current Dixons Retail outlets throughout the remainder of our contract, which has a year left to run," he said.
"The Phones 4u-Dixons store-in-store arrangement delivered less than 10 percent of our overall turnover, so the financial impact at the end of the contract will not be significant to our business."
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