US-based office supply retailer Office Depot plans to sell its european business to Aurelius Group.
Office Depot had previously disclosed its intention to look for strategic alternatives for its european business.
Go deeper with GlobalData
Office Depot chairman and CEO Ronald Smith said: “The sale of our european business will allow us to streamline operations and focus our resources on markets that will provide the best opportunity to implement our recently announced three year strategic plan.
"The Aurelius Group has a proven track record of positioning its acquisitions for future success and we look forward to working with them to complete this transaction.”
Since 2005, Aurelius has closed more than 70 transactions across Europe and specialises in investing in companies and corporate spin-offs.
See Also:
The deal is structured as an equity sale, for nominal consideration, with the buyer purchasing the business with its assets and liabilities.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataAnnual revenue for the european business is approximately €2bn.
The deal has been approved by Office Depot’s board of directors and is subject to regulatory approval from the European Commission and consultation with the central works council, which represents employees in France.
The deal is expected to close by the end of this year.
