June 23, 2017

Equity firm in talks to buy Staples for $6 billion

Staples could go private following an acquisition by Sycamore Partners. Talks are ongoing.

Staples, Inc. could go private in a potential $6 billion acquisition by a private equity firm.

According to a Wednesday report from Reuters, Staples is in advanced talks to be acquired by New York-based Sycamore Partners. An agreement could be announced as early as next week, Reuters reported.

The deal would come a little over a year after a federal judge rejected a merger between Staples and Office Depot on antitrust grounds. Since then, Staples has taken steps to redefine its brand by offering more business-to-business services. Sales and delivery of those services now account for most of the company's sales, according to Staples.

Both Staples and Sycamore Partners had no comment on the potential sale Friday morning.

Staples reported a net loss of $615 million in 2016. The company, which has 1,300 stores in the U.S. and 1,900 worldwide, closed 48 stores last year and said in March that it will close 70 in 2017.

Sycamore specializes in consumer and retail investments, according to its website. Its portfolio includes retailers like The Limited, Hot Topic, Belk, Talbots, and Nine West Holdings.

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