Office Depot, Inc. has announced that it intends to sell its European business to The AURELIUS Group. News comes following a process that began earlier this year, for Office Depot to explore strategic alternatives regarding its European business.
Since 2005 AURELIUS has completed more than 70 transactions across Europe and specialises in investing in companies and corporate spin-offs, as well as complex divisional carve-outs from corporates.
Roland Smith, Chairman and CEO for 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 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.”
The transaction is structured as an equity sale, for nominal consideration, with the buyer acquiring the European business with its assets and liabilities. The transaction, which has been approved by Office Depot’s Board of Directors, is subject to regulatory approval from the European Commission and consultation with the central works council, which represents employees in France. The transaction is expected to close by the end of 2016.
Goldman, Sachs & Co. acted as Office Depot’s exclusive financial advisor on the transaction.