Staples, Inc. has acquired Essendant in a transaction valued at US$996 million including debt.
Per the terms of the acquisition, Staples will pay $12.80 per share of Essendant, which represents a 51 percent premium on the shares’ value as of April 11. The deal, which is anticipated to be finalized by the end of the year, also calls for Staples to pay Genuine Parts Co.’s S.P. Richards Co. businesses unit a $12 million breakup fee as part of Essendant’s termination of its previously announced merger. Essendant had agreed to merge with S.P. Richards in April.
Founded in 1986, Boston, MA-based Staples, Inc. is a leading office-products company with annual sales of US$25 billion and more than 90,000 employees in 26 countries. For more information, visit www.staples.com.
Previously known as United Stationers, Essendant is a Deerfield, IL-based wholesale distributor of workplace products. Essendant’s portfolio includes its partner brands Azerty, LagasseSweet, Medco, and ORS Nasco. For more information, visit www.essendant.com.