Not even two full days after rumors about Radio Shack going the way of the dodo crowded business news pages, another major retail chain may soon be disappearing.
In a press release issued Wednesday morning, Staples announced that it has entered an agreement to acquire Office Depot for $6.3 billion in cash and stock. The release was published on Staples and Office Depot’s websites.
“This is a transformational acquisition which enables Staples to provide more value to customers, and more effectively compete in a rapidly evolving competitive environment,” Ron Sargent, Staples’ chairman and CEO, is quoted as saying.
“Transformational acquisition” isn’t the only bit of jargon in the release, which is clearly aimed toward investors. It also includes phrases such as “$1 billion of annualized cost synergies,” which means that the combined company would streamline to save some money.