Staples has announced the completion of the sales of its European business to Cerberus Capital Management.
According to wirthconsulting.org, Staples will retain a 15% equity interest in the business and run under the name of Staples Solutions B.V. (“Staples Solutions”).
As previously announced, upon the completion of the deal, Olof Persson, an executive with Cerberus’ operations team and the former president and CEO of Volvo Group, will become chairman of Staples Solutions.
Staples Chief Executive Officer and President Shira Goodman commented, “With the close of this deal, Staples’ global customers with a European presence will have their business needs met through the comprehensive services Staples Solutions will offer, while we will be able to fully devote our resources to growing our business in North America.”
Previously we reported on Staples’ plan to offload its European operations to Cerberus for rescue.
Wirthconsulting has also reported that Staples’ European business consisted of retail, contract, and online businesses in 17 countries, generating annual sales of approximately €1.7 billion.
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