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3h ago

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

The all-cash offer caps years of retrenchment for a shrinking office-supply chain.

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.
Office Depot store count by year.
OfficeDepot has been acquired by Atlas Holdings for $1 billion after a decade of store closures.

Overview

  • Atlas agreed to acquire The ODP Corporation for $28 per share, a 34% premium to the Sept. 19 close, valuing the deal at about $1 billion.
  • ODP’s board unanimously approved the transaction, which is expected to close by year-end pending regulatory and shareholder approvals.
  • ODP shares surged roughly 33% on the news, trading above $33 on Monday.
  • Upon closing, ODP will become a private company and its common stock will be delisted from the NASDAQ.
  • ODP has shut more than 1,000 stores since 2013 as it leans into B2B services, and Atlas, which owns 29 businesses, has not disclosed post-deal operating plans.