Naperville-based office supply company OfficeMax Inc. is in talks to merge with competitor Office Depot Inc., the Wall Street Journal reports.
While the exact terms aren't currently known, and talks could still fall apart, the deal is expected to be a stock-for-stock transaction, according to the Wall Street Journal. An announcement regarding the deal could come as early as this week.
A merger would give both companies the option to cut costs in terms of the number of store locations and employees, according to the Wall Street Journal.
Along with its headquarters in Naperville, OfficeMax has one store location in the city at 790 Royal St. George Dr. Office Depot has two locations in Naperville, 1363 Ridgeland Ave. and 740 Route 59.
OfficeMax, based in Naperville, has roughly $7 billion in annual sales, 29,000 employees and about 900 stores in the US and Mexico. Office Depot, based in Boca Raton, Florida, has 1,675 stores world-wide, annual sales of some $11.5 billion and about 39,000 employees, according to the Wall Street Journal.
OfficeMax is scheduled to post its quarterly and annual results on Thursday, according to the Wall Street Journal.
Read more on the Wall Street Journal