Office Depot has followed in the footsteps of key rival Staples by announcing plans to sells its assets in Australia and New Zealand. No financial details of the deal, which is subject to regulatory approval, were disclosed.
The company is selling its OfficeMax chain to private equity form Platinum Equity, which also acquired Staples’ assets. With the new deal, Platinum Equity will hold a nearly 90% share of the B2B market in Australia and New Zealand.
OfficeMax has generated losses of around A$36m in the last three fiscal years, and the sale follows the sale of Office Depot’s assets in Europe as it looks to focus on the US market.