A leading global provider of office supplies has announced its plan to sell its European business to The AURELIUS Group.
According to Office Depot, it has been looking at strategic alternatives for its European business since early 2016.
The buyer, the AURELIUS Group, is specialized in investment into companies, split-offs and complex carve-outs of companies. The company has completed over 70 transactions across Europe.
Roland Smith, Chairman and CEO of Office Depot, 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 annual revenue of Office Depot’s European business is about EUR €2 billion(US$2.25 billion), and the buyer is required to acquire its assets and liabilities.
This deal has been approved by the Board of Directors of Office Depot. It has to gain approval from the European Commission and a consultation with the central works council as well.
The deal is expected to be completed at the end of this year.
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