Staples agrees to buy rival Office Depot for $6.3B

After merger talks were made known by the Wall Street Journal, Staples Inc., the No. 1 U.S. office supplier, agreed to buy nearest rival Office Depot Inc. in a $6.3 billion cash-and-stock deal to better compete against online and big-box retailers.

According to Fox Business, Staples agreed to pay $7.25 per share in cash and 0.2188 of its shares for each Office Depot share.

The deal is expected to close by the end of the year.

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