Sycamore Partners announces Staples acquisition
Grant Welker
Sycamore Partners has completed its acquisition of Staples.
Private equity firm Sycamore Partners has completed the $6.9 billion acquisition of office supply retailer Staples.
The announcement came Tuesday, five days after Staples shareholders agreed by a 24-to-1 margin to approve the sale, according to the company’s SEC filing.
As a result of the merger, the common stock of Framingham-based Staples will no longer be listed on Nasdaq, Sycamore Partners said.
Staples lost $615 million last year and closed 48 stores. The company said earlier this year it will close another 70 in 2017.
Staples attempted a merger with Office Depot, but a federal judge rejected the deal last year. Since then, the company has turned more toward business-to-business services.
Under Sycamore, Staples will be alongside other retailers including and wholesalers, including Belk, Coldwater Creek, EMP Merchandising, Hot Topic, MGF Sourcing, NBG Home, Nine West Holdings, Staples, Talbots, The Limited and Torrid.
In a statement, Staples CEO Shira Goodman said the company is looking forward from benefitting from the firm’s experience in both retail and wholesale as the company begins to focus more on business-to-business customers.
The Wall Street Journal has reported that the Sycamore purchase is the largest leveraged buyout announced this year.
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