Dec 7 Office supplies retailer Staples Inc
said it would sell a controlling interest in its
European business to an affiliate of private equity firm
Cerberus Capital Management LP.
Staples' European unit consists of retail, contract, and
online businesses in 16 countries, generating aggregate annual
sales of about 1.7 billion euros ($1.82 billion).
Staples will retain a 15 percent stake in the business, the
company said on Wednesday.
Financial terms of the deal were not disclosed.
The deal comes two months after smaller rival Office Depot
Inc said it would sell its European operations to
investment company Aurelius Group.
($1 = 0.9328 euros)
(Reporting by Arunima Banerjee in Bengaluru; Editing by Anil