Staples Sells European Business to Private Equity Firm

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In an effort to focus on its U.S. business, Staples announced it would sell its European business to private equity firm Cerberus Capital Management LP., for $53.65 million, according to Fortune.

Staples’s retail business consists of its online, retail and contract businesses in 16 countries, which generates aggregate sales of $1.7 billion Euros, Fortune reported.

This move comes two months after Office Depot announced it would sell its European operations to investment company Aurelius Group. And last month, Staples said it would sell its UK retail business and operations to Hilco Capital, which invests in distressed companies.

In May, a federal court judge ruled in favor of the Federal Trade Commission decision to block a proposed merger between Staples and Office Depot. Both companies had been struggling and saw a merger as a way to boost their fortunes.

Staples expects to complete the European deal in the first quarter of February 2017.

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