Staples is officially buying Office Depot

(Image credit: Spencer Platt/Getty Images)

Staples announced Wednesday that it will buy Office Depot in a $6.3 billion deal.

Staples will pay $7.25 in cash and 0.2188 of a Staples stock share for each Office Depot share. In a press release Wednesday, the two companies announced that the deal has been in talks since September.

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Meghan DeMaria

Meghan DeMaria is a staff writer at TheWeek.com. She has previously worked for USA Today and Marie Claire.