Staples, Inc. has entered into a definitive agreement with Sycamore Partners to be acquired by the private equity firm for approximately $6.9 billion. The Framingham, Massachusetts-company participates in the promotional products industry as distributor Staples Promotional Products (PPAI 108945).

Robert Sulentic, chairman of the board, says, “Today’s announcement is the result of a comprehensive process in which our board, with the assistance of a transaction committee comprised of independent directors and outside financial advisors, explored and considered various alternatives to enhance value for our stockholders. Staples’ board believes that this process has led to a transaction which is in the best interests of our stockholders, as well as Staples and its employees.”

The transaction is subject to customary closing conditions, including the receipt of regulatory and stockholder approval, and is expected to close no later than December 2017. The closing is not subject to a financing condition.

“With an iconic brand, a winning strategy, and dedicated and passionate associates who are deeply focused on the customer, Staples is truly an outstanding enterprise,” says Stefan Kaluzny, managing director of Sycamore Partners. “We have tremendous confidence in CEO Shira Goodman and great respect for the Staples management team, and we are excited about this opportunity to partner with them to accelerate long-term profitability.”

Goodman, Staples’ CEO and president, adds, “The Sycamore Partners team shares Staples’ entrepreneurial spirit and long-term vision. This transaction will enable us to drive greater value for our customers and immense opportunity for our business.”

Read more on this developing story in an upcoming issue of PPB Newslink.