Posted August 11, 2018 09:08:56The largest acquisition in the history of the world’s largest retail giant is being bought by Staples for an estimated $8 billion, the company said Tuesday.
The deal, which is expected to close this week, will give Staples access to the largest digital printing service in the world, which it says has over 400 million customers.
Staples plans to make its new print-on-demand service available to its larger retail customers and also to customers in smaller stores.
Staples said the deal would create the world ‘s largest online print-to-order service, and it would offer the most advanced print services available anywhere.
“We’re delighted to bring Staples into the Staples family of stores and brands, and to bring print-only printing to a new level,” Staples Chief Executive Officer Peter Conrad said in a statement.
“The Staples Print-on, Print-Now service and the Staples Print on Demand service will enable Staples to become the most popular online store, and the most trusted, to its customers.”
The Staples partnership will help us achieve our strategic goals of expanding our online presence, expanding our business, and bringing more customers to Staples, its brands and its customers,” he said.”
Staples’ Print-On-Demand service will be available in more than 1.5 million Staples stores, as well as on thousands of Staples branded websites and apps, and in Staples’ retail channels, including Staples Direct, Staples.com, and Staples Direct Post.
“Staples is one of the most profitable companies in the United States, earning $8.6 billion in revenue in fiscal 2019, according to its latest quarterly financial report.
Its stock rose nearly 7% to $61.50 on the New York Stock Exchange Tuesday, with investors cheering on the deal and praising Staples for its efforts to expand its print-service offering.
Staples’ stock price has risen more than 40% in the last year.
In a statement, Staples CEO David Leavitt said Staples is looking forward to the future and adding new services to the print-enabled experience.”
The company said it will be able to provide customers with the latest printing technology and the fastest delivery times to make their orders. “
We are excited to be a part of the StaplesPrint on Demand family, and look forward to expanding Staples’ print services to customers worldwide.”
The company said it will be able to provide customers with the latest printing technology and the fastest delivery times to make their orders.
The StaplesPrint service, which will be offered by Staples, will be the only print-based solution that will deliver the highest quality print quality to customers, Leavitto said.
Staples currently offers the StaplesOn-DigitalPrint service for customers in the U.S. and Canada, where Staples currently has a network of about 400 locations.
Staples is also launching a print-out service for U.K. customers in October, with the U to F service to be available next year.