Office Depot has completed the sale of its European business to The Aurelius Group.
According to officials with the office superstore, this transaction is part of the company’s recently announced international divestiture strategy to focus on opportunities in its North American business.
First announced this past September, the deal required Aurelius to purchase Office Depot’s European business along with all assets and liabilities. Annual revenue for the European business is about $2 billion euros, or $2.25 billion, the company 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,” said Roland Smith, Office Depot chairman and CEO. “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.”