July 11, 2010 / 11:32 PM / 9 years ago

Staples to buy Corporate Express Australia

NEW YORK (Reuters) - U.S. office products retailer Staples Inc SPLS.O will complete a proposed deal to buy Corporate Express Australia CXP.AX, the company said on Sunday.

The deal is expected to close on July 26.

“Staples and Corporate Express Australia combined will more effectively address the Australian market, an important part of our future growth internationally,” said Staples Chief Executive Ron Sargent, in a statement.

In March, Staples said it offered to buy the shares of Corporate Express Australia that it did not already own. At the time, Staples held more than 58 percent of the company.

On Sunday, Staples said it has a 92 percent interest in Corporate Express Australia.

Analysts have expected the deal since Staples bought the company’s Dutch parent Corporate Express in July 2008.

Sunday’s statement did not disclose the terms of the deal, but in March Staples said it was offering A$5.60 a share for Corporate Express Australia, or $A390 million.

Reporting by Deepa Seetharaman; editing by Jeffrey Benkoe

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