Adveo has sold its subsidiaries in France, Belgium and the Netherlands to US private equity firm Sandton Capital for €5.5m.
Its Italian subsidiary has also received an offer of €3m from logistics group GDN, subject to due diligence.
Its German, Portuguese and Spanish arms remain without buyers.
It comes a month after the beleaguered distributor announced that it was going into liquidation.
Adveo revealed that Sandton signed a bridging loan agreement with the firm and its liquidation administrator of "up to €5m" for its French and Belgian subsidiaries "to reinforce their liquidity".
Sandton was originally in the frame to acquire Adveo Global Services as well as the French, Italian and Benelux arms for €13.3m to €15.5m. Adveo's latest announcement did not shed light on the progress of Sandton's deal for Adveo Global Services.
It has been a long, troubled road for what once was one of the continent's most prominent tech and office supplies distributors.
Its woes began with a botched SAP rollout in 2015. The spiralling project sunk €59m, and pushed the distributor to a net loss of €70m for that year.
It made numerous attempts with creditors to secure funds in order to alleviate crippling stock backlogs, including a €33m loan in September last year.
Several warehouse closures and employee layoffs throughout 2017 and 2018 were also made, in addition to divestments of part of its business to UK distributor Westcoast and Belgian VAR Econocom.
However, systemic strategic failures, including being late to evolve to leverage e-commerce, put the final nail in the coffin for the Madrid-based firm four weeks ago.
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