December 7, 2016 / 1:20 PM / 10 months ago

BRIEF-Staples says Cerberus will pay EUR50 mln for 85 pct stake in co's European business

Dec 7 (Reuters) - Staples :

* Staples - co, Cerberus entered agreement in relation to sale of a controlling interest in Staples’ European operations to a Cerberus affiliate

* Staples Inc - Cerberus to pay EUR 50.0 million for 85 percent stake in co’s European business

* At completion of sale, Cerberus shall be obligated to deliver Staples Solutions B.V. and units with unrestricted cash of EUR 20.0 million

* At sale completion, Cerberus also obligated to pay Staples Solutions B.V. & units with an estimated EUR 140.0 million amount

* Staples - in connection with initial classification as held for sale, co expects non-cash charges in range of about $220 million to $240 million in Q4 2016 Source text: (bit.ly/2hgrbrD) Further company coverage:

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