WELLINGTON: Regulators in New Zealand approved the $6.3 million merger of Staples Inc. and Office Depot Inc. on Friday.
Staples announced its intention in February to buy Office Depot in a deal that would combine the last two remaining big-box office supply retailers in the US.
The success of the merger hinges on whether the Federal Trade Commission will give its blessing or block the combination of the businesses. The agency prevented a similar deal in 1997, saying it was “anti-competitive.”
Staples said it also is working with regulatory agencies in New Zealand, the European Union, Canada, Australia, and China to sign off on the deal.
“We continue to work closely with regulatory agencies around the world and expect the transaction to be completed by the end of the year,” said Ron Sargent, chief executive of Staples, in a statement.
The Commerce Commission in New Zealand determined that the merged entity would not reduce competition in the market and at least three other companies would continue to vie for government and large corporate customers.
