This story is free to read.

Staples buys Office Depot for $6 billion

FILE - In this Nov. 15, 2011, file photo, a Staples office supply store is photographed in Miami. Staples Inc. says nearly 1.2 million customer payment cards may have been exposed during a security breach earlier in 2014. (AP Photo/Lynne Sladky, File) FILE - In this Nov. 15, 2011, file photo, a Staples office supply store is photographed in Miami. Staples Inc. says nearly 1.2 million customer payment cards may have been exposed during a security breach earlier in 2014. (AP Photo/Lynne Sladky, File)

By Associated Press February 4, 2015 1 min read

NEW YORK – 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.