<article>American retailer <a style="color: #000080;" href="http://www.dealstreetasia.com/tag/office-depot/">Office Depot</a> has completed the sale of its South Korean unit to Excelsior Capital Asia, a Hong Kong and Korea-based direct investment firm.</article>

American retailer <a style="color: #000080;" href="http://www.dealstreetasia.com/tag/office-depot/">Office Depot</a> has completed the sale of its South Korean unit to Excelsior Capital Asia, a Hong Kong and Korea-based direct investment firm.
Financial terms were not disclosed.
The move is in line with the office supplies trader’s plan to offload all of its international businesses under a process that began in 2016, the company said in a statement.
The transaction follows a recent agreement that will see Office Depot sell its units in Australia and New Zealand to Los Angeles private equity investor Platinum Equity.
“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,” said Gerry Smith, CEO of the firm.
Excelsior Capital Asia, founded in 1998, invests throughout Asia on behalf of major Korean institutions, pension funds and private family offices. Its current portfolio includes South Korean and Chinese companies in the food and beverage, manufacturing and broadcasting fields. Meanwhile, the firm has exited a spate of companies in various sectors across Asia Pacific.
Office Depot reported 2016 sales of approximately $11 billion, employed around 38,000 associates, and had 1,400 retail stores.
The office equipment provider entered South Korea through the acquisition of Seoul-based peer Best Office in 2006. The year saw the company expand in Asia with another acquisition of China’s AsiaEC.
Earlier this year, Office Depot appointed Gerry Smith, a top executive at Lenovo Group, as CEO. The retailer has witnessed a falling streak in revenue for the past two years and started to divest in international businesses in 2016. Along with assets in Europe, Australia, New Zealand and South Korea, Office Depot also plans to exit China.
“The company is actively marketing these businesses for sale and expects to complete the process within the next 12 months,” it said in its Q3 2016 report.
Also read: <a style="color: #ff0000;" href="http://www.dealstreetasia.com/stories/platinum-equity-officemax-australia-nz-70712/">PE firm Platinum Equity to buy OfficeMax’ AUS, NZ business</a>

The move is in line the office supplies trader Office Depot's plan to offload all of its international businesses under a process that began in 2016.

Excelsior Capital acquires Office Depot's S Korea unit

Bring stories like this into your inbox every day.

Sign up for our newsletter - The Daily Brief

Excelsior Capital acquires Office Depot's S Korea unit

Start your deal-making journey now!

Bring stories like this into your inbox every day.

Sign up for our newsletter - The Daily Brief