Staples, the mainstay of office supplies, has agreed to sell itself to the private equity firm Sycamore Partners for more than $6.5 billion, a person briefed on the matter said on Wednesday.

Sycamore, a specialist in retailers that already owns the likes of Belk, Talbots and Hot Topic, plans to pay a little over $10 a share, said the person, who was not authorized to speak publicly about the transaction.

A deal could be announced later on Wednesday, the person added.

A sale of Staples would come more than a year after the company was blocked from merging with a competitor, Office Depot, amid opposition by the Obama administration.

News of the deal terms was reported earlier by The Wall Street Journal.