Depot sells its Mexican business
Office Depot Inc, a global provider of office supplies and services, has reached a definitive agreement to sell its 50% stake in Latin American Joint Venture, Office Depot de Mexico SA de CV, to Grupo Gigante, SAB de CV (GIGANTE.MX) for the Mexican Peso amount of 8,777.36 million in cash.
The deal is conditional on receiving Mexican regulatory approval and Grupo Gigante S.A.B. de C.V. shareholder approval which Office Depot believes will be secured within 30 days. After the transaction closes, Grupo Gigante, S.A.B. de C.V. and its affiliates will have 100% ownership of Office Depot de Mexico.