Office Depot Divests Australia, New Zealand Stores

Office Depot has struck a deal to sell its business in Australia and New Zealand to Platinum Equity.

The company previously disclosed that it intended to sell substantially all of its businesses outside of North America.

Platinum Equity is an investment firm that has more than 20 years of experience acquiring and operating businesses that have been part of large corporate entities, Office Depot said.

“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, Office Depot CEO. “The proceeds from this transaction will further enhance our financial flexibility as we focus on our strategic initiatives to grow our North American business.”