Naperville, Ill. -- The U.S. Federal Trade Commission has approved the merger of Office Max Inc. and Office Depot, the retailers said in a joint statement on Friday. The companies anticipate completing the transaction after market close on November 5, 2013.
The combined company, which would have had combined revenue for the 12 months ended June 29, 2013 of approximately $17 billion, will have significantly improved financial strength and flexibility, with the ability to deliver long-term operating performance and improvements through its increased competitiveness and cost synergies, the retailers said in the statement.
"This merger represents a new beginning for Office Depot and OfficeMax – one that will enable us to create a stronger, more efficient global provider better able to compete in the dynamic and rapidly changing office solutions industry said Neil Austrian, chairman and CEO of Office Depot. “We remain confident that the transaction will benefit our customers and shareholders for years to come, and will provide exciting new opportunities for associates as part of a global business."
Office Depot and OfficeMax each expect to announce third quarter earnings after market close on November 4, 2013.