Cerberus Capital to buy majority stake in Staples' European unit

>

Staples' European unit consists of retail, contract, and online businesses in 16 countries, generating aggregate annual sales of about 1.7 billion euros ($1.82 billion).

Staples will retain a 15 percent stake in the business, the company said on Wednesday.

Financial terms of the deal were not disclosed.

The deal comes two months after smaller rival Office Depot Inc (ODP.O) said it would sell its European operations to investment company Aurelius Group.

(Reporting by Arunima Banerjee in Bengaluru; Editing by Anil D'Silva)