Staples sold for $6.9 billion

NEW YORK — Private equity firm Sycamore Partners is buying office supplies chain Staples for $6.9 billion.

The companies said Wednesday that shareholders of Staples will get $10.25 per share.

Staples’ stock closed Wednesday up 77 cents, or 8.4 percent, to $9.93, fueled by a late-afternoon report of a deal. The stock rose another 1.5 percent in extended trading after the deal was announced.

Changing shopping patterns, like the shift to online buying, have hurt office-supplies megastores like Staples. Amazon has become a prime competitor to Staples for corporate customers.

The deal with New York-based Sycamore Partners will allow Staples to adjust to the challenges as a private company.

Staples’ sales have declined 6.1 percent over the past five years to $18.2 billion.

Staples Inc. is the largest “big box” officesupply chain, but it cut the number of stores it runs to roughly 1,600 from nearly 2,300 in 2012, according to FactSet.

Last year, Staples, based in Framingham, Mass., shredded a proposed $6.3 billion merger with rival Office Depot after encountering stern resistance from antitrust regulators that culminated in a federal judge blocking the deal.

Staples confirmed in April that it was exploring a possible sale.

The companies said they expect this deal to close by the end of the year.

JUSTIN SULLIVAN/GETTY IMAGES Private equity firm Sycamore Partners announced plans to buy office-supply chain Staples for $6.9 billion.