Staples: acquisition by Sycamore Partners finalised.
(CercleFinance.com) - Yesterday evening Staples announced the finalisation of its takeover by Sycamore Partners.
The latter has paid 6.9 billion dollars to buy the office supplies specialist, which will therefore be delisted, having failed to merge with Office Depot two years ago.
Indeed, the Federal Trade Commission (FTC) objected to a proposal by Staples divesting 1.25 billion dollars of commercial contracts in order to reduce competition-related risks. Later, in February 2016, the European Commission gave the go ahead, subject to certain conditions. To calm the fears of Brussels, Staples and Office Depot had to agree to transfer all of Office Depot's contract distribution activities in the EU and Switzerland.
Both groups also intended to sell all Office Depot's activities in Sweden in order to remedy competition issues on the wholesale market in this country.
Copyright (c) 2017 CercleFinance.com. All rights reserved.
The latter has paid 6.9 billion dollars to buy the office supplies specialist, which will therefore be delisted, having failed to merge with Office Depot two years ago.
Indeed, the Federal Trade Commission (FTC) objected to a proposal by Staples divesting 1.25 billion dollars of commercial contracts in order to reduce competition-related risks. Later, in February 2016, the European Commission gave the go ahead, subject to certain conditions. To calm the fears of Brussels, Staples and Office Depot had to agree to transfer all of Office Depot's contract distribution activities in the EU and Switzerland.
Both groups also intended to sell all Office Depot's activities in Sweden in order to remedy competition issues on the wholesale market in this country.
Copyright (c) 2017 CercleFinance.com. All rights reserved.