Staples Inc. said on Wednesday that it entered into a deal to be acquired by private equity firm Sycamore Partners in a deal valued at $6.9 billion.

The Framingham, Massachusetts-based office supply retailer said investment funds managed by Sycamore Partners, based in New York, will acquire the company in the transaction. Staples lists 18 locations in Colorado, 12 of which are in metro Denver (including Boulder).

Staples (Nasdaq: SPLS) shares rose 1.5 percent in after-hours trading on Wednesday as the deal was announced. Company shares have lost about 22 percent of their value over the past five years as the retailer has been met with increasing online competition and a challenging environment for brick-and-mortar stores

Under the terms of the agreement, all Staples’ stockholders will receive $10.25 per share in cash for each share of common stock they own, which represents a premium of approximately 20 percent to the 10-day volume weighted average stock price for Staples shares for the period ended April 3, 2017.

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