US Office Products Company has announced that it has signed a definitive agreement to sell substantially all of the assets of its US Office Products – North America business to Corporate Express, Inc., a subsidiary of Buhrmann, NV. The transaction is valued at approximately $250 million.
UPS announced that it had signed a definitive agreement to acquire the assets of Mail Boxes Etc., a subsidiary of US Office Products, in an all-cash transaction. US Office Products also announced that it has signed a letter of intent to sell the remaining assets of USRefresh, the Company’s vending division, to Real Time Data (“RTD”), a regional vending business based in New Jersey.
In addition, the Company announced that it has entered into an exclusive agreement to negotiate a sale of the shares of Blue Star Group, the Company’s operation in New Zealand and Australia, to Blue Star’s management.
To facilitate the sale of USOP-NA and a resolution of the claims of its creditors, US Office Products and certain of its U.S. subsidiaries filed voluntary petitions for relief under Chapter 11 Bankruptcy Code.
