Staples, Inc. has sold its businesses in Australia and New Zealand to a global investment firm.
According to Streetinsider.com, Platinum Equity will acquire Staples’ business in Australia and New Zealand for an unspecified amount. The transaction is expected to complete in the second quarter of 2017.
The divested business will operate under the Staples brand for a short while until the corporate creates a new brand, according to the same report.
Staples is following through its strategy to continuously focus on its North American business. “As we execute our plan for long-term growth we want to focus primarily on our Staples’ North American business, and this will allow us to better do that,” said Shira Goodman, Staples chief executive, in a press release.
Earlier this month, RT Media reported that Staples UK will be rebranded into Office Outlet, after it’s sold to Hilco Capital.
Headquartered in Los Angeles, California, Platinum Equity, LLC is a global equity investment firm specializing in business operations and acquiring and operating businesses of large corporate entities. The firm also closes its global buyout fund, Platinum Equity Capital Partners IV, on US$6.5 billion, as reported by Streetinsider.com.
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