US private equity giant Platinum Equity has agreed to sell office supplier Winc New Zealand – formerly Staples - in order to push ahead with its larger plan to acquire OfficeMax in Australia and New Zealand from Office Depot.
In November 2017, the NZ Commerce Commission (NZCC) joined High Court injunction proceedings filed by Complete Office Supplies to prevent Platinum from acquiring OfficeMax, saying it was concerned the acquisition would be likely to “substantially lessen competition in the supply of stationery and office products to large corporate and government customers.”
In an update on Thursday, the NZCC said Platinum had provided an undertaking to the Commission and the Court committing to divest Winc to a purchaser approved by the Commission once Platinum acquires OfficeMax.
Proceedings will remain before the High Court until Platinum has completed the divestment.
Australia’s corporate regulator the ACCC gave the go-ahead to Platinum’s proposed acquisition of OfficeMax Australia in November.
Platinum Equity is a multi-billion-dollar global private equity firm specialising in mergers and acquisitions.