Office Depot has reached an agreement to sell its business in mainland China to Shanghai M&G Colipu Office Supplies Co., Ltd.
The retailer had previously disclosed its intention to sell substantially all of its international businesses under a process that began in 2016. Office Depot recently completed the sale of its South Korean business and divested its Australia and New Zealand operations.
Shanghai M&G Colipu Office Supplies Co., Ltd. is a subsidiary of Shanghai M&G Stationery Inc., a China-based public company mainly engaged in the manufacture and sale of writing instruments and both student and office stationery.
The transaction is subject to regulatory approval and is expected to close within the next several months.
