US-based office supply retailer Office Depot plans to sell its european business to Aurelius Group.
Office Depot had previously disclosed its intention to look for strategic alternatives for its european business.
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Office Depot chairman and CEO Ronald Smith said: “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.
"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.”
Since 2005, Aurelius has closed more than 70 transactions across Europe and specialises in investing in companies and corporate spin-offs.
The deal is structured as an equity sale, for nominal consideration, with the buyer purchasing the business with its assets and liabilities.
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By GlobalDataAnnual revenue for the european business is approximately €2bn.
The deal has been approved by Office Depot’s board of directors and is subject to regulatory approval from the European Commission and consultation with the central works council, which represents employees in France.
The deal is expected to close by the end of this year.
