Office Depot Inc. (ODP) announced a definitive agreement to sell its 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 8.78 billion Mexican Pesos in cash. Office Depot has obtained the required consent from OfficeMax (OMX) to proceed with the sale.
Office Depot de Mexico, a joint partnership between Office Depot and Grupo Gigante, has more than 248 stores throughout Mexico and Central America.
Office Depot. expects to use the estimated $550 million in net after-tax proceeds from the sale to redeem 50% of the company's convertible preferred shares held by BC Partners Inc. and its affiliates upon receiving shareholder approval of the planned merger with OfficeMax, as well as to redeem the $150 million of maturing 6.25% bonds due in August 2013.
For comments and feedback contact: editorial@rttnews.com
Business News
June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.