What happened Shares of Staples, Inc. (NASDAQ: SPLS) gained 11% in June, according to data from S&P Global Market Intelligence, as the office-supply retailer agreed to be acquired by Sycamore Partners, a private equity firm. Image source: Staples. The stock surged on June 28, the day the deal was announced as the chart below shows. SPLS data by YCharts. So what Staples agreed to sell itself to Sycamore Partners for $6.9 billion, or $10.25 a share, in an all-cash deal. Reports had spread back in April that Staples was seeking a buyer after the Federal Trade Commission blocked its proposed merger with Office Depot (NASDAQ: ODP). The buyout price was approximately 20% higher than where Staples was trading before news reports first broke. The deal comes after Staples had tried in vain to repair its flailing retail business by closing stores and attempting to merge with Office Depot. However, the company still has a prosperous commercial business, delivering directly to businesses, which drove significant profits for Staples and made it attractive to a buyer like Sycamore. Now what Staples' sale is the latest evidence of the troubles across the retail industry as a number of companies have declared bankruptcy or are seeking buyers. With its retail business waning, selling itself seemed like the right move as the stock was only likely to head lower as sales continued to evaporate. Staples is currently trading about 2% below the buyout price, indicating some skepticism that the deal, which is still awaiting shareholder approval, will go through. Some shareholders have said that the price is too low, including major holder Richard Pzena, CEO of Pzena Investment Management. Based on historical retail multiples, the Staples acquisition is cheap, but the price seems fair, considering that its industry is in decline. Assuming the deal goes through, it is expected to close by the end of the year. Analysts believe Sycamore could attempt another merger with Office Depot. 10 stocks we like better than StaplesWhen investing geniuses David and Tom Gardner have a stock tip, it can pay to listen. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has tripled the market.* David and Tom just revealed what they believe are the 10 best stocks for investors to buy right now... and Staples wasn't one of them! That's right -- they think these 10 stocks are even better buys. Click here to learn about these picks! *Stock Advisor returns as of July 6, 2017Jeremy Bowman has no position in any stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.