Business

Staples, Office Depot to sell $500 million of corporate assets to Illinois office supplier

Staples and Office Depot announced an agreement Tuesday to sell more than $550 million in large corporate contract business and related assets to office-supply wholesaler Essendant. Deerfield, Illinois-based Essendant will pay Staples about $22.5 million, the companies said. More than 25 percent of the revenue acquired by Essendant will be from Fortune 100 companies and approximately half of the revenue will come from Fortune 500 companies, Staples noted.

The sale is subject to successful completion of the proposed $6.3 billion merger of Staples and Office Depot, which employs about 2,000 people at its headquarters in Boca Raton. If completed, Palm Beach County is likely to lose Office Depot’s headquarters and many jobs would be affected. Staples has said the combined companies’ home would be in Framingham, Mass.

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