Office Depot, OfficeMax Merger ApprovedNew York – The U.S. Federal Trade Commission has unconditionally cleared the merger of OfficeMax and Office Depot allowing the two chains to complete the transaction on Nov. 5. 11/01/2013 05:49:00 AM Eastern
New York – The U.S. Federal Trade Commission has unconditionally cleared the merger of OfficeMax and Office Depot allowing the two chains to complete the transaction on Nov. 5.
When completed, the deal will create a combined company with revenues of about $17 billion and more than 1,700 storefronts. The merger’s financial details were not disclosed, but the two superstore chains reported that additional details surrounding how the newly formed company will function will be released when the merger is finalized next week.
OfficeMax and Office Depot entered into a definitive merger agreement on Feb. 29.
“This merger represents a new beginning for Office Depot and OfficeMax – one that will enable us to create a stronger, more efficient global provider better able to compete in the dynamic and rapidly changing office solutions industry,” said Office Depot chairman and CEO Neil Austrian.
"We are very pleased to receive FTC clearance, which positions us to consummate this much-anticipated and transformative merger," said Ravi Saligram, president and CEO of OfficeMax.
Office Depot ranked No. 18 on this year’s TWICE Top 100 CE Retailers Report, with $1.23 billion in CE sales in 2012. OfficeMax was No. 23, with $698 million in CE sales in 2012.