After three failed attempts in the past four months, the drama has ended: Office supplies cataloger Staples announced on June 11 it has finally acquired office products distributor Corporate Express for $2.6 billion.
Staples raised its bid three times to acquire Amsterdam-based Corporate Express. The acquisition of Corporate Express puts Staples at the top of the world list as the largest distributor of office supplies to companies. According to a release, Staples will more than double its sales to corporate clients.
What’s more, the deal gives Staples additional North American and European corporate customers, which are deemed more profitable than the company’s retail clients. Those sales, according to the release, will also help counter slumping spending at its U.S. stores, as consumers and small companies face record gasoline and food prices.
According to the deal, Corporate Express CEO Peter Ventress will become president of Staples International, a new position that will oversee Staples’ business outside of the U.S. and Canada. He will report to Staples president/CEO Ron Sargent.