Sycamore Partners set to aquire U.S. office supply retailer.
NORTH AMERICA- Private equity firm Sycamore Partners has entered into a merger agreement in which investment funds managed by Sycamore will acquire Staples in a transaction that values the U.S. office supply retailer at approximately $6.9 billion.
Sycamore Partners is also an investor in a host of other U.S. retailers including Belk, Hot Topic, Torrid, The Limited and Nine West Holdings.
Staples' Board of Directors has unanimously approved the merger agreement, which is still subject to stockholder approval. The deal is expected to close by December.
In 2015, Staples acquired competitive office supply retailer Office Depot, making it the largest retailer in its category in the U.S.
"With an iconic brand, a winning strategy, and dedicated and passionate associates who are deeply focused on the customer, Staples is truly an outstanding enterprise," says Stefan Kaluzny, managing director, Sycamore Partners. "We have tremendous confidence in CEO Shira Goodman and great respect for the Staples management team and are excited about this opportunity to partner with them to accelerate long-term profitability."