Office Depot has closed on the sale of its business in South Korea to Excelsior Capital Asia.
The office superstore had previously disclosed its intention to sell substantially all of its international businesses under a process that began in 2016.
“This transaction follows on the recently announced agreement to sell our businesses located in Australia and New Zealand,” said Gerry Smith, CEO of Office Depot. “We are now one step closer to achieving our goal of divesting substantially all of our international businesses in order to focus on the growth opportunities available in the North American market.”
Excelsior Capital Asia, a Hong Kong and Korea-based direct investment firm, invests throughout Asia on behalf of major Korean institutions, pension funds and private family offices.
