Dutch Firm Will Buy Corporate Express

Buhrmann, Europe’s biggest paper merchant, agreed to buy Corporate Express Inc. of the U.S. for $1.1 billion, or $9.70 a share, to become the world’s biggest distributor of corporate office products. The Dutch company also will assume $1.2 billion in debt in the deal. The combined entity will have annual sales of $9 billion and generate cost savings of $100 million a year. Buhrmann said the tie-up would have little impact on jobs, given that a far-reaching restructuring program already underway at Corporate Express will have been completed by the time the deal becomes final in the fourth quarter of this year. Each company employs about 15,000 people. Shares of Broomfield, Colo.-based Corporate Express rose 47 cents to close at $9.03 on Nasdaq.