Office products company Corporate Express gave the thumbs up to the $1 billion buyout from the US giant Staples this month.

Staples, the world’s largest office products company, offered $5.60 per share for the remainder of the local business that it did not alreadyown, a 22 per cent premium to its last traded price.

The Staples offer will be implemented by an off-market takeover. The offer is unanimously recommended by the Independent Directors of Corporate Express but is subject to a number of conditions, including confirmation by an Independent Expert that the offer is fair and reasonable to the non-Staples shareholders, and the approval of the Foreign Investment Review Board.

Ben McLaughlin and Hal Lloyd, partners in Baker & McKenzie's Sydney M&A practice are advising Corporate Express.

Baker & McKenzie partner Tim Sherman, together with KPMG Tax partner Grant Wardell-Johnson, are providing tax advice.

KPMG Corporate Finance partner Trevor Allen is the financial adviser.

Bakers partner McLaughlin said: " Corporate Express and Staples have had a close relationship since 2008 so this is a logical next step.

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Baker & McKenzie has advised Corporate Express since 1995, and has completed over 60 acquisitions for the company as well as a number of capital markets transactions.

Corrs Chambers Westgarth, meanwhile, is advising Staples. The Corrs lead team for the transaction includes Braddon Jolley, Byron Koster, James Rozsa, Jaclyn Riley-Smith, Nicole Graham and Clare Dunne.