The long-awaited merger is finally on the table.

Office Depot will take over OfficeMax in a $1.9 billion all-stock transaction by the end of the year, the companies announced Wednesday.

Well, that’s not quite what they said; in their formal announcement they called it a “merger of equals.” But the fact is, OfficeMax shareholders will receive 2.69 shares of Office Depot stock for each OfficeMax share, so Office Depot will be the name on the buildings.

“OfficeMax and Office Depot will have equal representation and governance rights on the combined company’s Board of Directors and equal input on key decisions,” the announcement said. “With an all-stock merger, OfficeMax and Office Depot stockholders will benefit proportionately from the synergies achieved as a combined company.”

Etcetera and so forth and so on.

The idea is, the merger will position the companies to rival their larger competitor, Staples.

That’s what this investor parlance means:

“The combined company will be well positioned to optimize its shared multichannel sales platform and distribution network, primarily in North America. Together, the companies will provide a wide array of services and solutions that enable customers to work more efficiently and productively. By implementing best practices in sales, operations and management, the combined company is expected to be better able to compete with the many online retailers, warehouse clubs and other traditional retailers that are placing a greater emphasis on office product sales.”

The deal has been approved by both companies’ boards of directors. It still needs shareholder and regulatory approval.