Staples Purchasing PNI Digital Media for $67.3 Million

FRAMINGHAM, Mass. (AP) -- Staples is buying Canada's PNI Digital Media for about $67.3 million.

Retailers use PNI's software to sell personalized products such as calendars, business cards, wedding invitations, documents and stationery.

Staples will pay 1.70 Canadian dollars per share ($1.55). That's a 32% premium to PNI's closing stock price Friday on the Toronto Stock Exchange.

PNI Digital Media is expected to operate independently.

The deal is expected to close in PNI's fiscal fourth quarter. The transaction still needs the approval of PNI shareholders and approval from the Supreme Court of British Columbia. A special shareholders meeting is scheduled for July 8.

Staples, the nation's biggest office-supply company, announced in March that it is looking to close more than 10% of its North American stores by the end of next year, up to 225 stores, as part of a plan to save about $500 million.