FTC delays Staples-Office Depot decision to December
The Federal Trade Commission (FTC) is taking more time to issue its decision on Staples’ proposed purchase of Office Depot, delaying its ruling for nearly two months.
The FTC’s ruling on the $6.3 billion transaction had been expected this week, but now will be issued by Dec. 8, Framingham-based Staples said in a joint statement on Monday with Florida-based Office Depot.
The two office supply companies mutually agreed with the FTC to extend the review period for the Office Depot acquisition, the statement said.
“We’re pleased to reach an agreement with the FTC to extend the review period for the Office Depot transaction,” Ron Sargent, chairman and CEO of Staples, said in the statement. “This transaction will enable us to better serve our customers and to compete in an evolving marketplace. We will continue to work cooperatively with the Federal Trade Commission.”
Regulators in Australia, New Zealand and China have approved the transaction. Staples and Office Depot continue to work with regulatory authorities in the European Union, the United States and Canada, the companies said.
Staples is the nation’s leading office supply chain. Two years ago, second-ranked Office Depot bought the remaining brick-and-mortar office supply chain, Office Max. The proposed merger between Staples and its chief rival, announced in February, would essentially bring all three companies under the Staples umbrella.
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