‘Staples’ Set to Buy Rival ‘Office Depot’

America's # 1 office supplier 'Staples' is set to purchase their closest rival Office Depot Inc.

'Staples' announced Wednesday that will purchase Office Depot Inc for 6.3 Billion cash and stock deal.

This merger will help fight off the tough competition from online retailers, such as Amazon.com, as well as chain's like Wal-Mart. 'Staples' tried to purchase Office Depot back in 1997 but regulators shot it down because of anti-trust concerns.

The FTC approved Office Depot $976 Million acquisition of OfficeMax back in 2013, and did not close any stores, because of the increase in office supply competitors.

Reported by Time, 'Staples' Chairman and CEO said:

“This is a transformational acquisition which enables Staples to provide more value to customers, and more effectively compete in a rapidly evolving competitive environment. We expect to recognize at least $1 billion of synergies as we aggressively reduce global expenses and optimize our retail footprint. These savings will dramatically accelerate our strategic reinvention which is focused on driving growth in our delivery businesses and in categories beyond office supplies.”