By Amy KarpelesAssociated PressUpdated Mar 07, 2019 04:04:22An office supplies company is buying an HP office supplies business, making it the second company in less than a week to buy the Houston-based HPs.
Hewlett-Packard Corp said Monday it bought the company, Office Depot Inc., for $8.5 billion in cash and shares.
It said it plans to use the proceeds to improve the company’s global network of HP employees and support its workforce.
The deal is the latest of a number of corporate acquisitions by the company in recent weeks.
In June, HP also bought rival Lenovo for $10.4 billion.
HP also acquired a company called Cigna, which it said had been on a mission to “make the Internet more reliable.”
In July, the company said it had secured a $500 million loan to help it turn around its businesses after months of turmoil.
In April, HP said it was cutting about 800 jobs as it sought to focus on its mission to become more like Amazon Inc.
In May, HP Chief Executive Officer Meg Whitman said she expected to unveil a new product this year that would bring the company “to the next level.”HP has been struggling with declining sales of its high-end PCs and its cloud services, and its stock is down nearly 8 percent this year.