<article>Nasdaq-listed <a style="color: #000080;" href="http://www.staples.com" target="_blank">Staples, Inc.</a> and <a style="color: #000080;" href="http://dealstreetasia.com/tag/platinum-equity" target="_blank">Platinum Equity</a> today announced a definitive agreement under which the latter will acquire Staples’ business in Australia and New Zealand for an undisclosed sum.</article>

Nasdaq-listed <a style="color: #000080;" href="http://www.staples.com" target="_blank">Staples, Inc.</a> and <a style="color: #000080;" href="http://dealstreetasia.com/tag/platinum-equity" target="_blank">Platinum Equity</a> today announced a definitive agreement under which the latter will acquire Staples’ business in Australia and New Zealand for an undisclosed sum.
The transaction is expected to close in Q2 2017. Financial terms of the deal are undisclosed.
Staples is a supplier of business products, services and solutions in Australia and New Zealand and caters to customers ranging from small-and-medium businesses (SMBs) to large enterprises, including federal, state and territory levels of government in both countries.
“As we execute our plan for long-term growth we want to focus primarily on our Staples’ North American business, and this will allow us to better do that,” said Shira Goodman, chief executive and President of Staples, Inc.
“Working with Platinum, we believe the Australian and New Zealand businesses will be well positioned for the future, ultimately helping our customers and associates succeed,” she adds.
Platinum Equity is a global private equity (PE) firm with a highly specialized focus on business operations and more than 20 years’ experience acquiring and operating businesses that have been part of large corporate entities.
It specialises in mergers, acquisitions and operations — a strategy it calls M&amp;A&amp;O — acquiring and operating companies in a broad range of business markets, including manufacturing, distribution, transportation and logistics, equipment rental, metals services, media and entertainment, technology, telecommunications and other industries.
The firm recently closed Platinum Equity Capital Partners IV, a $6.5 billion global buyout fund focused on acquiring businesses that can benefit from Platinum’s operational and financial resources.
Platinum Equity, which has portfolio company operations on all seven continents, has been actively pursuing investment opportunities in Australia and New Zealand and currently owns a majority stake in Sensis, an Australian directories business acquired from <a style="color: #000080;" href="http://dealstreetasia.com/tag/telstra" target="_blank">Telstra</a>.
“The Staples business in Australia and New Zealand has extraordinary potential as a standalone enterprise,” said Adam Cooper, principal at Platinum Equity.
He adds, “It has a strong customer base, dedicated employees and a long history in the markets it serves. We look forward to partnering with the management team to make substantial investments to optimize the company’s digital and systems capabilities with a focus on enhancing the customer experience.”
Following the transition to new ownership, the divested business will continue to operate under the Staples brand in Australia and New Zealand for a short period of time while a new corporate brand is created.
Also Read:
<a style="color: #ff0000;" href="http://www.dealstreetasia.com/stories/success-in-private-education-investments-requires-calculated-risk-67297/">PE investors in education must take calculated risks in ASEAN</a>
<a style="color: #ff0000;" href="http://www.dealstreetasia.com/stories/saudi-aramco-selects-fti-as-global-media-advisor-for-ipo-67399/">Saudi Aramco selects FTI as global media advisor for IPO</a>
<a style="color: #ff0000;" href="http://www.dealstreetasia.com/stories/61853-61853/">Singapore: Platinum Equity completes S$150m acquisition Broadway Industrial assets</a>

Platinum Equity has acquired Staples’ business in Australia & NZ. Financial terms of the deal are undisclosed. 

Platinum Equity to acquire Staples Inc asset in Australian & NZ

Bring stories like this into your inbox every day.

Sign up for our newsletter - The Daily Brief

Platinum Equity to acquire Staples Inc asset in Australian & NZ

Start your deal-making journey now!

Bring stories like this into your inbox every day.

Sign up for our newsletter - The Daily Brief