Staples plans new financing via Wells Fargo for Essendant purchase

By Sara Rosenberg

New York, Sept. 17 – Staples Inc. received a commitment for financing from Wells Fargo Bank, NA for its acquisition of Essendant Inc., according to a DFAN14A filed late Friday with the Securities and Exchange Commission.

Under the agreement, Essendant is being purchased for $12.80 per share in cash in a transaction valued at $996 million, including net debt.

Closing is expected in the fourth quarter, subject to a majority of Essendant’s shares being tendered, regulatory approval and other customary conditions.

Staples is a Framingham, Mass.-based retailer of office supplies. Essendant is a Deerfield, Ill.-based distributor of workplace items.

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