Staples Inc sold to private equity firm

Staples Inc has been sold to private equity firm Sycamore Partners for US$6.9 billion.

The acquisition, which was unanimously approved by Staples’ board of directors, follows the sale of the retailer’s Australian and New Zealand operations to global private equity firm Platinum Equity in May.

Robert Sulentic, chairman of the Staples board, said the board believes the merger agreement “is in the best interests of our stockholders, as well as Staples and its employees”.

Shira Goodman, CEO and president, Staples, Inc, said the transaction will enable Stales to “drive greater value for our customers and immense opportunity for our business”.

The transaction is subject to customary closing conditions and is expected to close no later than December, 2017.

Stefan Kaluzny, managing director of Sycamore Partners, said: “With an iconic brand, a winning strategy, and dedicated and passionate associates who are deeply focused on the customer, Staples is truly an outstanding enterprise. We have tremendous confidence in CEO Shira Goodman and great respect for the Staples management team and are excited about this opportunity to partner with them to accelerate long-term profitability.”

Staples is a leading supplier of business products, services and solutions. Staples also stocks a range of cleaning supplies including bins, rubbish bags, cleaning chemicals, cleaning cloths and sponges, cleaning equipment, paper products and dispensers.

Following the sale of Staples Australia and New Zealand to Platinum Equity, the company is expected to rebrand in August.

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