The ODP Corporation, which owns Office Depot and OfficeMax, today announced that it has entered into a definitive agreement to be acquired by an affiliate of Atlas Holdings, which owns and operates a global family of manufacturing and distribution businesses, for $28 per share in cash.
The transaction, expected to close by the end of 2025, values the company at approximately $1 billion.
Once the transaction is complete, The ODP Corporation will be a privately held company, and its common stock will no longer be traded on the NASDAQ stock exchange.
Gerry P. Smith, Chief Executive Officer of The ODP Corporation stated, “This transaction, fully supported by our Board, provides a substantial premium for The ODP Corporation’s shareholders and will improve the company’s position for the next phase of growth. Atlas brings an understanding of our industry, along with the operational expertise, resources and track record of supporting its companies that will fast forward our B2B growth initiatives and strengthen our position as a trusted partner to our customers. Atlas’ commitment demonstrates their confidence in our future and the strong momentum we’ve achieved through our focus on operational excellence and disciplined execution. We’re excited about our path for the future.”
Atlas Managing Partner Michael Sher told investors, “Atlas operates like a diversified holding company, and we have a proven record of delivering the human and financial capital necessary to create long-term value in our businesses. The ODP Corporation’s leadership has already taken several steps to mitigate the challenging retail environment, and we are the right partners to support The ODP Corporation’s continued evolution in its next chapter. We look forward to completing this transaction which will provide a positive outcome for The ODP Corporation’s associates, customers, suppliers and shareholders.”
Atlas, based in Connecticut, was established in 2002 and owns 29 companies within the manufacturing and distribution industries.
By CEO NA Editorial Staff
