Office Depot Makes Offer for French Office Supply Business

Office Depot Inc., Delray Beach, FL, has made an 815 million euro offer for the contract sales business of Guilbert S.A. from Pinault-Printemps-Redoute Group.

Guilbert S.A. is one of the largest contract stationers in Europe. Based in Senlis, France, it has nearly 5,700 employees and operates in Belgium, France, Germany, Ireland, Italy, the Netherlands, Portugal, Spain and the United Kingdom.

The deal is expected to help Office Depot attract larger businesses in the UK, Ireland, France, Germany, Italy and the Netherlands, chairman/CEO Bruce Nelson said in a statement. He added that the transaction also is to provide entry into the contract channel in Belgium, Portugal and Spain, where the company has existing Viking catalog operations.

The purchase price is subject to an upward adjustment of 40 million euros, payable only if Office Depot's stock achieves a specific performance level within 18 months after the closing.

Office Depot, which announced the offer yesterday, hopes to complete the transaction by late spring.

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