OfficeMax, Office Depot officially merging in all-stock deal VIDEO

OfficeMax Inc. and Office Depot Inc. on Wednesday disclosed plans to merge in an all-stock deal, The New York Times reported. OfficeMax shareholders will receive 2.69 shares of Office Depot stock for each share held.

Reports earlier in the week had stirred speculation on the deal. According to the statement issued by OfficeMax, the deal will create an office-supply company with $18 billion in combined revenue. The deal is expected to close by the end of the year.