Office Depot Selling Joint Venture Stake for $690 Million

BOCA RATON, Fla. (AP) -- Office supply company Office Depot is selling its 50 percent stake in a Latin American joint venture for about $690 million.
The Florida company is combining with suburban Chicago-based OfficeMax Incorporated.
In a statement today, Office Depot executives said they'd received consent from OfficeMax to move forward with the deal to sell the company's stake to Grupo Gigante.
Office Depot has more than 248 stores in Mexico and Central America through the joint venture.
The transaction still needs to be approved from Mexican regulators and Grupo Gigante shareholders.

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