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Staples buys Office Depot for $6 billion

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MOUNT PROSPECT, IL - SEPTEMBER 29: A shopper departs a Staples store September 29, 2005 in Mount Prospect, Illinois. Staples is the first large chain store to begin recycling discarded electronic items, including old cell phones, pagers, portable handheld devices and used printer-ink cartridges. (Photo by Tim Boyle/Getty Images)

NEW YORK (AP) — Staples is buying Office Depot in a cash-and-stock deal valued at nearly $6 billion.

Office Depot Inc. shareholders will receive $7.25 in cash and 0.2188 of a share in Staples Inc. at closing. The deal values Office Depot at $11 per share. The companies put the transaction’s value at $6.3 billion.

The deal is expected to close by year’s end.

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