FRAMINGHAM – Staples stockholders approved an estimated $6.9 billion sale to a New York private equity firm yesterday, Sept. 6.
Sycamore Partners purchase of Staples is expected to be completed in October.
Stockholders also rejected a a “golden parachute” compensation for top Staples executives.
Stockholders controlling almost 475 million Staples shares voted in favor of the sale, according to a U.S. Securities and Exchange Commission filling.
Stockholders with almost 20 million shares voted against the sale.
According to the SEC filing, once Sycamore completes the deal, it plans to divide Staples into a U.S. and a Canadian business that would be independently managed.