Sycamore Partners has completed its acquisition of Staples, Inc.
Previously announced in June, Staples and private equity firm Sycamore Partners entered into a merger agreement in which investment funds managed by Sycamore acquired the office superstore in a transaction valued at approximately $6.9 billion.
“We are pleased to have completed this transaction and look forward to partnering with CEO Shira Goodman and the Staples management team as we seek to increase long-term profitability,” said Stefan Kaluzny, managing director of Sycamore Partners. “With the support of its dedicated associates, Staples is well-positioned to leverage its iconic brand and leading competitive position to drive even greater value for its business-to-business and retail customers in the U.S. and Canada.”
At the time the deal was announced, under the terms of the merger agreement, all Staples’ stockholders will receive $10.25 per share in cash, which represents a premium of approximately 20% to the 10-day volume weighted average stock price for Staples shares for the period ended April 3, 2017, the last trading day prior to widespread media speculation about a potential transaction.
As a result of the completion of the merger, the common stock of Staples will no longer be listed for trading on Nasdaq.
“We are excited about the tremendous opportunities ahead for the company and our talented associates,” said Shira Goodman, CEO and president, Staples. “We look forward to benefitting from Sycamore Partners’ retail and wholesale experience as we work together to deliver exceptional products, services and expertise that enable businesses to work better.”