Staples is being acquired by a private-equity firm for $6.9 billion (SPLS)

pulse

June 28, 2017 9:25 PM

The private-equity firm Sycamore buying the office-supplies retailer for $10.25 a share.

Staples agreed to be acquired by Sycamore Partners for about $6.9 billion.

The company announced Wednesday that it entered a merger agreement with the private-equity firm in which its shareholders will receive $10.25 per share in cash.

According to Reuters, Sycamore won an auction for the office-supplies retailer that reported a 7.1% drop in retail revenue last year. Staples scrapped a merger with Office Depot in May 2016 that would have given it more muscle to compete with online retailers.

Staples shares jumped 8% in late trading on Wednesday after The Wall Street Journal and Reuters reported that the company was close to being acquired.

Staples' stock closed at $9.93, and the company had a market cap of about $6 billion.

pulse

JOIN OUR PULSE COMMUNITY!

Unblock notifications in browser settings.

Eyewitness? Submit your stories now via social or:

Email: eyewitness@pulse.ng