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Toronto and Montreal advise Wells Fargo on the financing of the US$6.9bn acquisition of Staples

September 12, 2017 Client: Wells Fargo

Toronto and Montreal acted as Canadian counsel to Wells Fargo Bank, National Association and Wells Fargo Capital Finance Corporation Canada in connection with the financing of the US$6.9bn acquisition of Staples, Inc. 

In support of the acquisition, Wells Fargo Bank, National Association, as administrative agent and collateral agent, Wells Fargo Capital Finance Corporation Canada, as administrative agent and collateral agent (collectively, “Wells Fargo”), and certain additional lenders entered into several asset-based credit facilities totaling US$2.2bn in respect of Staples US retail operations, Staples Canadian retail operations and Staples North American Delivery operations.

Based in Framingham, Massachusetts, Staples is a North American retailer and distributor of office products and business services.  Sycamore Partners is a private equity firm based in New York specializing in consumer and retail investments.

The Montreal and Toronto team consisted of Serge Levy and Noah Schein (banking) and Barry Segal (tax).