Office Depot has closed on the sale of its business in South Korea to private equity firm Excelsior Capital Asia.
Office Depot had previously disclosed its intention to sell the majority 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,” 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 is described as a Hong Kong and South Korea-based direct investment firm.