Office Depot Inc. (NASDAQ:ODP), Boca Raton, FL, plans to sell its European business to The AURELIUS Group. Terms were not disclosed.
Annual sales for the European business were €2 billion (US$2.3 billion).
“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,” said Roland Smith, CEO of Office Depot.
Since 2005, AURELIUS has completed more than 70 transactions across Europe and specializes in investing in companies and corporate spin-offs.
