Linklaters advises as Cerberus Capital Management set to acquire Staples’ European Business
08 December 2016
Staples, Inc. and Cerberus Capital Management, L.P. (Cerberus) announced today that Staples and Cerberus have entered into an agreement in relation to the sale of a controlling interest in Staples’ European operations to a Cerberus affiliate. Linklaters is advising Cerberus on the deal.
Staples’ European business consists of retail, contract, and online businesses in 16 countries generating aggregate annual sales of approximately €1.7 billion. Staples is retaining a 15 percent equity interest in the business and will be represented on its board of directors following the closing of the transaction. In accordance with applicable law, Staples will now consult relevant European works councils. Subject to these consultations and satisfaction of other conditions, the parties anticipate closing the transaction during the first quarter of Staples’ fiscal 2017 year.
Upon closing of the transaction, the Staples Europe business will be separated into a privately-held company controlled by an affiliate of Cerberus. The new company will enter into a licensing agreement with Staples for the use of certain Staples intellectual property, including its brand, a global accounts agreement, and transition services agreement governing a variety of services for defined periods. The company will operate under the Staples banner name and other sub-brands in European markets, and its associates will continue to be employees of Staples Europe, which will maintain its headquarters in Amsterdam. Olof Persson, an executive with Cerberus’ operations team and the former President and CEO of Volvo Group, will be appointed executive chairman of the new company.
The Linklaters team is led by Corporate partner Jan Willem de Boer and includes a team across thirteen offices.
Notes to Editors
For more information, contact Surinder Sian on +44 207 456 4842
- Linklaters LLP is a leading global law firm, supporting clients in achieving their strategies wherever they do business. We use our expertise and resources to help clients pursue opportunities and manage risk across emerging and developed markets around the world. Linklaters is a recognised market leader for advice on public takeovers, cross-border and multi-jurisdictional mergers and acquisitions, joint ventures, disposal and other corporate advisory matters and capital markets issues. Our clients are drawn from a broad base including the FTSE 100, Fortune 500, DAX 30, CAC 40 corporates, private equity houses, investment banks and governments.