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China Clears Staples And Office Depot Merger Deal
Staples has cleared another foreign regulatory hurdle for its intended acquisition of Office Depot, securing approval from the Chinese government, the Framingham-based office supplies retailer said Friday.
The announcement comes a week after New Zealand authorities gave its blessing to the $6.3 billion transaction that was announced in February. Staples said it's also seeking approval from regulatory agencies in the United States, Canada, Australia and the European Union.
"We continue to make progress on this transaction, and we're pleased with this decision by China's Ministry of Commerce," Staples Chairman and CEO Ron Sargent said in a statement. "We continue to work closely with regulatory agencies around the world and expect the transaction to be completed by the end of the year."
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