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PE Firm Sycamore Acquiring Staples

The all-cash acquisition occurs about three months after reports surfaced that the office products retailer was considering a sale.

By Paul Bubny | paulbubny | Updated on June 29, 2017

A Staples storefront A Staples location in Marysville, WA.

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.

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