Staples agrees to sell additional assets in Office Depot merger

Staples (NASDAQ:SPLS) has offered additional concessions in order to allay any antitrust concerns over its proposed Office Depot (NASDAQ:ODP) takeover.

Representatives from both office retail chains are meeting with Federal Trade Commission officials this week as the deadline for the agency's approval of the merger is Dec. 8, Bloomberg reported.

Office Depot agreed to sell to Staples for $6.11 billion back in February of 2015. Under the agreement, the companies would sell Office Depot assets with revenues of up to $1.25 billion in order to gain antitrust approval. 

Thus far, Staples has agreed to transfer some contracts to Essendant, a distributor of office supplies located in Deerfield, Illinois.

Two years ago, the FTC approved Office Depot's 2013 acquisition of OfficeMax and the current deal on the table would combine the No. 1 and No. 2 office supply companies in the U.S.

For more:
-See this Bloomberg article

Related stories:
Staples purchase of Office Depot not easy, EU investigates
Office Depot closes $1.2B merger with OfficeMax
Staples, Office Depot, one investor away from a merger?
Staples expands omnichannel capabilities
Office Depot, OfficeMax Merger Puts Pressure on Staples
 

Suggested Articles

Costco changes up its menu items, and Alibaba and Guess partner for a physical store.

Janey Whiteside, Walmart's new chief customer officer, is well acquainted with the importance of customer service in modern retail.

Whole Foods will offer deals on Amazon's Prime Day, and tariffs against China are causing pricing hikes.