Staples and Office Depot Finalize Merger Agreement Extension

FRAMINGHAM, MA - Staples, Inc. and Office Depot, Inc. today, Feb. 2, announced the completion of financing arrangements and the extension of their merger agreement from February 4 to May 16, 2016. The extension allows for the completion of ongoing federal district court litigation with the Federal Trade Commission.

On February 4, 2015, Staples and Office Depot entered into a definitive merger agreement to combine as a single company.

The combined company will be better positioned to provide value to customers, and compete against a large and diverse set of competitors. The company expects to deliver more than $1 billion of annualized synergies net of investments to provide increased value to customers by the third full fiscal year post-closing.

The combined company will be better equipped to optimize its retail footprint, minimize redundancy, and reduce costs.