Office Depot sells European business

Office Depot Inc. continues to streamline its operations.



The office supply giant announced it has completed the sale of its European business to The Aurelius Group. The purchase price was not disclosed.



The transaction is part of the company's recently announced international divestiture strategy to focus on opportunities in its North American business.



Office Depot's European business has about 6,000 employees, operates in 14 countries and has annual revenues of about $2.8 billion.



“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.”



According to Office Depot, Aurelius has completed more than 70 transactions across Europe since 2005. The firm specializes in investing in companies and corporate spin-offs, as well as complex divisional carve-outs from corporates.