Private equity firm Sycamore Partners has acquired Staples for $10.25 per share for cash. The deal is valued at about $6.9 billion. In May 2016, Staples abandoned its quest to acquire rival Office Depot for $6.3 billion amid antitrust concerns. Staples operates 1,255 stores in the United States, and 304 in Canada. The transaction, which is subject to customary closing conditions, is expected to close by December 2017.