NEW YORK (AP) – Office Depot shareholders have voted overwhelmingly in favor of the company's $6.3 billion acquisition by one-time rival Staples.
The deal, announced in February, is part of a rapid consolidation in the office supply sector that has been hammered by technological changes in the workplace and by competition from Amazon.com and other online retailers.
Staples Inc. has closed dozens of stores in preparation.
Office Depot said Friday that 99.5 percent of the votes cast were in favor of the deal.
Office Depot shareholders will receive $7.25 in cash and 0.2188 of a share in Staples Inc. for each share at closing.
The acquisition of Office Depot Inc. is expected to close by the end of this year.
Shares of Framingham, Massachusetts-based Staples rose 32 cents, or 2 percent, to $16.75 in premarket trading, while shares of Boca Raton, Florida-based Office Depot rose 26 cents, or 2.8 percent, to $9.42.