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2mo ago

Atlas Holdings to Take Office Depot Owner ODP Private in $1 Billion Deal

ODP says Atlas’s operational backing will accelerate its B2B growth strategy.

An Office Depot store is pictured in Encinitas, California, February 19, 2013. REUTERS/Mike Blake/File Photo
ODP Corp., owner of Office Depot, which is headquartered in Boca Raton, said it intends to split the company into two independent, publicly traded firms by the first half of 2022.
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Office Depot store count by year.

Overview

  • Atlas agreed to buy The ODP Corporation for $28 per share in cash, a 34% premium, valuing the deal at about $1 billion.
  • The transaction has unanimous board approval and is targeted to close by late 2025 pending regulatory and shareholder approvals, after which ODP would be privately held and delisted.
  • ODP shares rose roughly 33% following the announcement, trading above $33 intraday on Monday.
  • ODP has closed more than 1,000 stores since its 2013 OfficeMax merger and reported about $7 billion in 2024 revenue as it shifts toward business-to-business services.
  • Atlas, a Greenwich, Connecticut firm founded in 2002 that owns 29 manufacturing and distribution businesses, has not detailed any post-deal retail changes.