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Staples to be Acquired by Sycamore Partners for $6.9 Billion
+techonomics
A year after failing to acquire [soylentnews.org] Office Depot, Staples is being bought [bloomberg.com]:
Staples Inc. will be acquired by Sycamore Partners for about $6.9 billion in one of the largest retail deals of the year, a wager that the office-supply chain is better off continuing its turnaround plan as a private company.
Sycamore, saying it was attracted to Staples' "iconic brand," is paying $10.25 a share for the retailer, according to a statement on Wednesday. That represents a 12 percent premium to its share price on Tuesday, before reports surfaced that the transaction was close to be being completed.
The deal caps more than a year of turmoil for Staples, which was thwarted in an attempt to make its own acquisition in May 2016. The company had tried to purchase Office Depot Inc. in a $6.3 billion deal that would have unified the two largest office-supply sellers, but the transaction was opposed [bloomberg.com] by antitrust regulators.
Related: Staples and Office Depot Merger Attempt Faces Regulatory Scrutiny [soylentnews.org]
