MEXICO (Notifix).- Office Depot de Mexico, will be fully owned by Grupo Gigante of Mexico. The Joint venture between Office Depot Inc. of the U.S. and Grupo Gigante, each with 50% equity, opened its doors in March 1995.

 It managed to impose the American model of specialized retail in office supplies, school supplies, furniture, computers and electronics, in Mexico and spread it to Central America and Colombia. To date, the chain completes 248 stores in the region with annual sales of more than USD 1.1 billion. The transaction, subject to the approval of the local authorities, was agreed in the amount of 8,777.36 million Mexican pesos in cash (approx. USD 691 million). The companies also announced that part of the agreement includes the continued use the Office Depot brand.