Staples Inc reached an agreement today, June 11, to buy Corporate Express NV in a deal that values the firm at €3.1 billion.
The offer has been approved by Staples’ Board of Directors and Corporate Express’ Supervisory Board and Executive Board.
Staples increased its offer for the company earlier this month to €9.15 per share, although the transaction agreed today is for €9.25 per ordinary share.
Settlement details
Ron Sargent, Staples’ Chairman and CEO said: “Bringing together these two great companies is a win for customers, employees and shareholders, and I look forward to working with Peter Ventress and his team.”
Similarly, CEO of Corporate Express, Peter Ventress said Staples had a strong track record of performance in the industry, and supported Sargent’s comments.
After settlement of the transaction, Peter Ventress will become President of Staples International, a new position that will oversee Staples’ business outside of the US and Canada. Reporting to Ron Sargent, Ventress will play a part in managing the integration of the two companies.
Following the deal, the new company will provide customers with expanded product and service offerings, improved distribution capabilities, shared best practices and an efficient cost structure.
Corporate Express has terminated its merger agreement with Lyreco.