116 3rd St SE
Cedar Rapids, Iowa 52401
Staples to announce sale to Sycamore Partners on Wednesday: source
Staples Inc. will announce its sale to private equity firm Sycamore Partners for $10.25 per share in cash on Wednesday, a person familiar with the matter said on condition of anonymity.
Reuters had reported last week that Sycamore Partners was close to a deal to acquire Staples for more than $6 billion after prevailing in an auction for the U.S. office supplies retailer.
Sycamore Partners and Staples did not immediately respond to requests for comment.
Staples did release a statement Wednesday afternoon that confirmed the sale.
The company has two stores in the Corridor: one in Cedar Rapids, 2431 Wiley Blvd., and one in Iowa City, 820 S. Riverside Drive. It closed a store in southeast Cedar Rapids last September.
It also has locations in Waterloo, Dubuque, Davenport, and Burlington, among other Iowa stores.
l Comments: (319) 398-8366; matthew.patane@thegazette.com
A shopping cart is seen outside a Staples office supplies store in the Chicago suburb of Glenview, Illinois, February 4, 2015. No. 1 office supply chain Staples and smaller rival Office Depot Inc said on May 10, 2016, they would terminate their planned merger after a U.S. federal judge ordered the deal temporarily halted because of antitrust concerns. REUTERS/Jim Young/File Photo
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