SYCAMORE NABS STAPLES: Sycamore Partners has branched out from apparel retail and into office supplies. The New York-based private equity firm inked a $6.9 billion agreement to buy Staples Inc.
Staples shareholders will receive $10.25 in cash for every share they own, a 20 percent premium on the retailer’s 10-day volume weighted average stock price for the period ended April 3. The transaction is expected to close by year-end. Staples’ board of directors have approved the deal and are recommending that shareholders vote in favor of the transaction.
Stefan Kaluzny, Sycamore’s managing director, said, “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.”
The private equity firm has more than $3.5 billion in capital under management. Its investment portfolio includes Talbots, Hot Topic and Coldwater Creek, Belk, The Limited and Torrid. It also acquired Jones Apparel Group, but has sold or separated out some of the brands that were under the Jones umbrella.