According to people familiar with the matter, private equity firm Sycamore Partners could be about to purchase Staples. The firm is reported to be in advanced talks with the office supply chain following an auction for it.
Not one, or two, but three sources have revealed that the firm is in the process of finalizing a debt financing package for its bid. Sycamore has won over Cerberus Capital Management, another private equity firm that has wanted Staples.
The sources have said that although negotiations between Staples and Sycamore are continuing, an agreement could be announced next week. The negotiations are confidential and both parties have declined to comment.
With 1,255 stores in the U.S. and 304 in Canada, Staples has the biggest market share of office supply stores in the U.S. According to Euromonitor, its share in the market has increased since 2011.
Disclaimer: We have no position in Staples, Inc. (NASDAQ: SPLS) and have not been compensated for this article.