Office Depot puts $900 mil. faith in European B2B market.

DELRAY BEACH, FLA. -- Office Depot found a use for nearly $900 million in cash that was on its balance sheet at the end of last year, although it didn't have anything to do with generating sales growth at the company's ailing retail operations.

Instead, Office Depot paid approximately $871 million to buy Guilbert, a European contract stationer business that caters to large businesses, from French conglomerate Pinault Printemps Redoute. Guilbert is considered the leading provider of office supplies to customers in France and the United Kingdom and also serves Germany, Italy, Spain, Belgium and Ireland. The acquisition solidifies Office Depot's position in Europe, where its Viking operations are already …