Staples bought out for $6.9 billion

Sycamore Partners revealed Wednesday that they reached a deal to buy struggling office supplies store Staples for $6.9 billion. Sycamore said it would pay $10.25 per share in cash for Staples. The shares ended trading at $9.93 on Wednesday after Reuters reported the exact deal price. Shira Goodman is stay on as CEO. Staples attempted to merge with Office Depot back in 2016, but a federal judge thwarted the attempt on antitrust grounds. Staples said the deal was expected to close by December.