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Office Depot Inc Announces Sale Of Joint Venture Stake In Office Depot De Mexico To Grupo Gigante SAB de CV

Tuesday, 4 Jun 2013 08:00am EDT 

Office Depot Inc announced that it has reached a definitive agreement to sell 50% stake in Latin American Joint Venture Office Depot de Mexico S.A. de C.V. to Grupo Gigante, S.A.B. de C.V. for the Mexican Peso amount of 8,777.36 million in cash. After the transaction closes, Grupo Gigante, S.A.B. de C.V. and affiliates will have 100% ownership of Office Depot de Mexico. In accordance with the terms of planned merger agreement with OfficeMax, announced on February 20, 2013, Office Depot obtained the required consent from OfficeMax to proceed with the sale. Office Depot's exclusive financial advisor for the transaction was BofA Merrill Lynch. 

Company Quote

-0.04 -0.78%
29 Aug 2014