Office Depot Korea has been sold to Excelsior Capital Asia.

It is part of a process launched last year in which the US office supplies retailer aims to divest its international businesses.

“This transaction follows the agreement to sell our businesses in Australia and New Zealand,” says Office Depot CEO Gerry Smith.

He says this puts the Florida-based business one step closer to achieving its aim of focussing on growth opportunities in the North American market.

A Hong Kong- and Korea-based direct investment firm, Excelsior Capital Asia invests throughout Asia on behalf of major Korean institutions, pension funds and private family offices.

Office Depot’s annual sales hit about US$11 billion last year. It has about 38,000 employees and has about 1400 retail stores and e-commerce sites.