Staples Inc. (NASDAQ: SPLS), Framingham, MA, and private equity firm Sycamore Partners have entered into a merger agreement in which investment funds managed by Sycamore Partners will acquire Staples in a transaction that values Staples at $6.9 billion. Staples’ board of directors has unanimously approved the merger agreement and recommends that all Staples stockholders vote in favor of the transaction.

“Today’s announcement is the result of a comprehensive process in which our Board, with the assistance of a transaction committee comprised of independent directors, and outside financial advisors, explored and considered various alternatives to enhance value for our stockholders," said Robert Sulentic, Staples' chairman of the board. "Staples’ Board believes that this process has led to a transaction which is in the best interests of our stockholders, as well as Staples and its employees.”

“With an iconic brand, a winning strategy, and dedicated and passionate associates who are deeply focused on the customer, Staples is truly an outstanding enterprise,” said Stefan Kaluzny, managing director of Sycamore Partners. “We have tremendous confidence in CEO Shira Goodman and great respect for the Staples management team and are excited about this opportunity to partner with them to accelerate long-term profitability.”

The transaction is expected to close no later than December.