Office Depot To Sell Its European Business To Aurelius

Office Depot says it is selling its European stores to the German investment firm The Aurelius Group, with the announcement coming about four months after Staples dropped its $6.3 billion buyout of Office Depot.

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NEW YORK (AP) — Office Depot says it is selling its European stores to the German investment firm The Aurelius Group.

Financial details of the deal were not given.

Office Depot, based in Boca Raton, Florida, says it expects the deal to close before the end of the year.

The announcement comes about four months after Staples dropped its $6.3 billion buyout of Office Depot. The deal was blocked by a federal judge who said it would hurt competition.

Office Depot says its European business brings in about 2 billion euros a year in revenue, or about $2.2 billion. That's 15 percent of the company's total 2015 revenue of $14.5 billion.

Aurelius says it buys and restructures companies and then resells them.

Shares of Office Depot Inc. rose 7 cents to $3.70 Friday afternoon.

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