FRAMINGHAM, MA—Staples, Inc. said late Wednesday afternoon that funds managed by private equity firm Sycamore Partners would acquire the office supply retailer. The all-cash sale to Sycamore is valued at about $6.9 billion.
Stockholders in Staples will receive $10.25 per common share, a premium of approximately 20% over the 10-day volume weighted average stock price for the company's shares for the period ended April 3, the last trading day prior to media reports that the company was considering a sale. Published reports earlier this week pointed toward a deal with Sycamore; last month the company reportedly turned down a buyout offer from Cerberus Capital Management, which had acquired its European business in December 2016.
The announcement of a deal with Sycamore comes 13 months after the merger of Staples and rival Office Depot collapsed over antitrust concerns. Staples CEO Ron Sargent stepped down after the deal fell through; he was succeeded by a fellow company veteran, Shira Goodman, formerly president of North America operations.
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Paul Bubny
Paul Bubny is managing editor of Real Estate Forum and GlobeSt.com. He has been reporting on business since 1988 and on commercial real estate since 2007. He is based at ALM Real Estate Media Group's offices in New York City.
