Office Depot to sell Israel unit to Hamashbir

JERUSALEM, Nov 7 (BestGrowthStock) – Israeli retailer Hamashibr
Lazarchan said on Sunday it signed a deal to buy the Israeli
unit of Office Depot Inc (ODP.N: ) at a company value of 178.6
million shekels ($50 million) minus outstanding debt at the time
of closing.

Under the deal, Hamashbir — which operates a chain of
department stores — will pay Office Depot royalties each
quarter of 1.35 percent of sales, it said in a statement.

It will pay a minimum of 13.5 million shekels a year
starting in 2015 based on estimates that Office Depot’s sales in
Israel will reach about 1 billion shekels.

Office Depot Israel had sales of 602 million shekels in 2009
at its 46 stores.

($1 = 3.59 shekels)

(Reporting by Steven Scheer; Editing by Erica Billingham)

Office Depot to sell Israel unit to Hamashbir