UPDATED: Europe Gives Approval for Staples To Acquire Office Depot

FRAMINGHAM, MA -- Staples, Inc. said Wednesday morning it has received approval from the European Union to acquire Office Depot.

“This is a significant step, and we’re very pleased that the European Commission has approved this transaction,” said Staples CEO and Chair Ron Sargent in a statement.

“The acquisition has been approved in Australia, New Zealand, China, and Europe. Regulatory agencies around the world understand that this acquisition will allow Staples to provide increased value and service to customers of all sizes. We look forward to a full, impartial judicial review in the United States,“ said Sargent.

The European Commission approved the acquisition on the condition that Staples divest Office Depot’s European contract business and all of Office Depot’s operations in Sweden.

Staples said it will meet these requirements, and the parties have decided that they will also divest Office Depot’s retail, online and catalog operations in Europe in connection with closing the transaction. The divestiture of Office Depot’s European business is subject to the closing of the acquisition.

The merger is the subject of ongoing litigation with the U.S. Federal Trade Commission, as well as the Canadian Competition Bureau.

The companies recently announced the completion of financing arrangements and the extension of their merger agreement from February 4, 2016 to May 16, 2016.

The deal announced last February was estimated at $6 billion.

Staples has its worldwide headquarters in Framingham.

The company laid off hundreds of employees, last month, as part of a restructuring plan.