Office Depot (ODP) to Sell European Business to The AURELIUS Group
- Wall Street falls with financials, other post-election gainers
- The FTC Confirms Antitrust Charges Against Qualcomm (QCOM) for Monopolizing Semiconductor Device Used in Cell Phones
- United Airlines (UAL) Tops Q4 EPS by 5c
- Obama shortens sentence of Manning, who gave secrets to WikiLeaks
- After-Hours Stock Movers 01/17: (SHLO) Higher; (GIMO) (AFAM) (CSX) Lower (more...)
Get inside Wall Street with StreetInsider Premium. Claim your 2-week free trial here.
Office Depot, Inc. (NASDAQ: ODP) today announced that it intends to sell its European business to The AURELIUS Group.
Office Depot had previously disclosed its intention to explore strategic alternatives regarding its European business, under a process that began earlier this year.
“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, chairman and chief executive officer for Office Depot. “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 completed more than 70 transactions across Europe and specializes in investing in companies and corporate spin-offs, as well as complex divisional carve-outs from corporates.
The transaction is structured as an equity sale, for nominal consideration, with the buyer acquiring the European business with its assets and liabilities. Annual revenue for the European business is approximately EUR 2 billion. 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.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Bats Global Market (BATS) Stockholders Approve Merger Agreement with CBOE (CBOE)
- McKesson (MCK) to Pay $150M Settlement For Failure to Report Suspicious Drug Orders
- Office Depot, Inc. Partners with Austin Independent School District to Develop High School Innovative Entrepreneurship Classroom
Create E-mail Alert Related CategoriesCorporate News, Mergers and Acquisitions
Related EntitiesDefinitive Agreement
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!