Staples and private equity firm Sycamore Partners have entered into a merger agreement in which investment funds managed by Sycamore will acquire the office superstore in a transaction valued at approximately $6.9 billion.
Some 13 months after Staples’ effort to acquire Office Depot was quashed by a Federal judge, the Massachusetts-based office superstore may soon have a new owner.
Office Depot has reached an agreement to sell its business in mainland China to Shanghai M&G Colipu Office Supplies Co., Ltd.
With the goal of growing its North American business, Office Depot has made several moves within its senior executive ranks.
Staples has rejected a possible takeover bid from one investment firm, but a second from a different firm appears to still be alive.
First quarter sales at Office Depot were down but the company reported growth in net income and earnings per share.
Staples is launching a new brand campaign that features the tagline, “Staples– It’s Pro Time.”
Office Depot has closed on the sale of its business in South Korea to Excelsior Capital Asia.
Office Depot has completed the sale of its European business to The Aurelius Group.
Staples has named Faisal Masud to the newly created role of chief technology officer. He previously served as evp/global e-commerce since joining the company in 2013.
