Staples has announced that it will be selling a controlling stake in its European business to the private equity firm Cerberus Capital Management LP. They will sell it for 50 million euros ($53.65 million). The European unit for Staples includes retail, contract and online businesses that are in 16 countries. They generate an annual sale of approximately 1.7 billion euros.
Staples plans to retain a 15% stake in the European business. This deal follows on the heels of Office Depot, which has also said that it is selling its European operations to Aurelius Group.
Staples expects to complete its European sale during the first quarter of its fiscal year beginning February 2017.