Office Depot continues to make good on its promise to focus on its North American business.
The company announced it has reached an agreement to sell its business in Australia and New Zealand to Platinum Equity, a global private equity firm. The transaction is subject to regulatory approval in each country and is expected to close within the next several months.
Office Depot had previously disclosed its intention to sell substantially all of its international businesses under a process that began in 2016. Earlier this year, the chain completed the sale of its European operations to The Aurelius Group.
“I’m very pleased that we were able to reach a favorable agreement to sell the Australia and New Zealand businesses to Platinum Equity,” said Gerry Smith, CEO, Office Depot. “The proceeds from this transaction will further enhance our financial flexibility as we focus on our strategic initiatives to grow our North American business.”