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Staples buys Office Depot for $6 billion

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NEW YORK (AP) — 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.