Antitrust Law Daily Wrap Up, ACQUISITIONS & MERGERS NEWS: Staples announces acquisition of Office Depot, (Feb 4, 2015)
Organizations Mentioned:Office Depot, Inc. | Simpson Thacher | Staples, Inc. | Weil Gotshal & Manges, LLP | Wilmer Cutler Hale & Dorr, LLP
By Linda O’Brien, J.D., LL.M.
Office supply chains Staples, Inc. and Office Depot, Inc. today announced that the companies have entered into a definitive agreement under which Staples will acquire all of the outstanding shares of Office Depot for $6.3 billion.
The acquisition, which comes a little over a year after Office Depot merged with OfficeMax, would leave the U.S. with a single national office supplier to compete with the discount and online retailers.
According to a joint statement, Staples began discussions to acquire Office Depot in September 2014. The agreement has been unanimously approved by each company’s Board of Directors. With the acquisition of Office Depot, Staples will have pro forma annual sales of approximately $39 billion.
The transaction is subject to customary closing conditions, including antitrust regulatory approval and Office Depot shareholder approval, and is expected to close by the end of calendar year 2015.
Wilmer Cutler Pickering Hale and Dorr LLP and Weil, Gotshal & Manges LLP are acting as legal advisors to Staples, Inc. Simpson Thacher & Bartlett LLP is acting as legal advisor to Office Depot, Inc.
Companies: Staples, Inc.; Office Depot, Inc.
News: AcquisitionsMergers Antitrust