The Recycler Issue 334

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ASIA Ninestar, Pantum, Acquisition
Ninestar plans to purchase 100%
of Pantum shares
The company announced a major asset restructuring plan, whereby it plans
to issue shares and pay cash to purchase all of Zhuhai Pantum Electronics
Co., Ltd.
The notice states that Ninestar Co., Ltd.
plans to issue shares and pay cash for 100%
equity in Zhuhai Pantum Electronics Co.,
Ltd. (Pantum Electronics).
To complete the transaction the
company has suspended trading from
22 July in accordance with all relevant
regulations. During the trading
suspension period, the company will
strictly follow the relevant laws and
regulations and it is required to perform
information disclosure obligations
in a timely manner, and publish an
announcement on the progress of relevant
matters every five trading days.
After the completion of this
reorganisation, Ninestar Co., Ltd. will
hold 100% of Pantum Electronics. The
reorganisation plan was approved by the
shareholders. ■
EUROPE Office Depot Europe, Lyreco, Contract Business
Lyreco acquires Office Depot’s
Spanish portfolio
Office Depot Europe, a portfolio company of AURELIUS Equity Opportunities
SE & Co. KGaA has agreed to sell its Spanish contract business unit to Lyreco, a
provider of office supplies headquartered in Marly, France.
The contract business unit ranks among the
leading players in the Spanish market, serving
small, medium and large international and
national blue-chip companies from various
industries.
The sale comes after a successful
realignment of the Spanish contract business
since the group was acquired by AURELIUS
in January 2017. Over the last three years,
the assortment was expanded away from
what was a stationary focus to end-to-end
workspace solutions and product offerings
including furniture key turn projects and
managed print services.
Lyreco said it will integrate this business
with its existing Spanish presence and
continue to develop the business.
Lyreco took to LinkedIn to greet its new
colleagues and said: “We are pleased to
announce that Lyreco has acquired the
Office Depot contract sales operations in
Spain!
“Joining the force and expertise of Office
Depot and Lyreco sales and customer service
teams in Spain will support our mission: to
be pioneers in delivering sustainably what any
workplace needs so its people can focus on
what matters most.
“We wish our new colleagues and customers
a warm welcome - and a Great Working Day
with Lyreco!”
The sale of the Spanish contract business
unit is part of the ongoing transformation of
Office Depot Europe, AURELIUS said. It
is the third exit of an Office Depot business
to complete in the past nine months. Office
Depot Europe sold its Central Eastern
European business in November 2019 and
its Nordic division in May 2020. The exit
of Office Depot's Spanish contract business
follows the same strategic rationale, freeing
resources to allow Office Depot Europe
to focus on its core European ecommerce
centric business activities. ■
Issue 334
September 2020
23