Office Depot has agreed to sell its business in Australia and New Zealand to Platinum Equity.
The decision is to carry out Office Depot’s plan made in 2016 to sell all of its international businesses, according to the workplace products and service provider.
Gerry Smith, chief executive officer for Office Depot commented, “I’m very pl
eased that we were able to reach a favorable agreement to sell the Australia and New Zealand businesses to Platinum Equity.”
On the other hand, the company will continue to focus on its businesses in North American. “The proceeds from this transaction will further enhance our financial flexibility as we focus on our strategic initiatives to grow our North American business.”
Office Depot, however, is not the first North American office supplies firm acquired by Platinum Equity. Last month, RT Media reported that Staples has sold its Australia and New Zealand businesses to the same investment firm.
The entire transaction will take a few month to complete.