Grupo Gigante Buys Office Depot de Mexico for $690 Million

Grupo Gigante SAB, a Mexican owner of office-supply stores, agreed to buy half of a joint venture from Office Depot Inc. for 8.78 billion pesos ($690 million) in cash.

Gigante and its affiliates will have total ownership of Office Depot de Mexico after the deal is completed, Boca Raton, Florida-based Office Depot said today in a statement. The transaction requires approval from Mexican regulators and Gigante’s shareholders.