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8 months ago
BRIEF-Staples says Cerberus to buy controlling stake in Co's European business
December 7, 2016 / 3:30 PM / 8 months ago

BRIEF-Staples says Cerberus to buy controlling stake in Co's European business

Dec 7 (Reuters) - Staples Inc :

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

* At completion of sale, Staples also obligated to pay Staples Solutions B.V. & Units with estimated EUR 140.0 million

* Co,Cerberus entered agreement in relation to sale of a controlling interest in Staples' European operations to a Cerberus affiliate

* Cerberus to pay EUR 50.0 million for 85 percent stake in Co's European business

* 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/2hiNZTk) Further company coverage:

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