Cerberus to spend €50M on Staples' European business
December 08, 2016
General Merchandise Stores | Amsterdam, Netherlands | Corporate Divestiture
Cerberus Capital Management has agreed to acquire the European business of office supplies retailer Staples (NASDAQ: SPLS). The deal is worth €50 million, according to Reuters, and is expected to close in 1Q 2017. Staples' European unit comprises retail, contract and online operations in 16 countries with annual sales of roughly €1.7 billion. The sale follows Office Depot's (NASDAQ: ODP) decision to exit its European business to AURELIUS at the end of September in response to antitrust issues that emerged in May over its proposed merger with Staples.