Office Depot announced that it has reached a definitive agreement to sell its 50% stake in Latin American Joint Venture Office Depot de Mexico to Grupo Gigante for the Mexican Peso amount of 8,777.36m in cash. The deal is conditional on receiving Mexican regulatory approval and Grupo Gigante S.A.B. de C.V. shareholder which Office Depot believes will be secured within 30 days. After the transaction closes, Grupo Gigante, S.A.B. de C.V. and its affiliates will have 100% ownership of Office Depot de Mexico. Office Depot de Mexico, founded in 1994 as a joint partnership between Office Depot and Grupo Gigante, has more than 248 stores throughout Mexico and Central America and over $1.1B in annual sales.