Staples (SPLS) is acquiring PNI Digital Media (PNDMF), a Vancouver-based provider of digital media software/services for retailers, for C$1.70/share, or C$73.1M ($67.1M). The price represents a 32% premium to PNI's Friday close in Toronto.
PNI's software platform allows retailers to offer online photo printing, photo kiosks, document printing, and personalized greeting card services, among other things. Customers include Walmart, Costco, Walgreens, and Staples rival Office Depot.
Staples says PNI is "expected to operate independently," and to "continue growing its customer base with Staples' support while maintaining the necessary resources to consistently meet its customers needs."
PNI shareholders owning 17.8% of shares have given their support to the deal ahead of a special meeting due on or around July 8.