The ODP Corporation, parent company of Office Depot and Office Max, will be acquired by Atlas Holdings for $28 per share in cash, or $842.2 million based on outstanding shares. The deal, which values the retailer at $1 billion, will take the company private by the end of this year, with its shares no longer sold on the NASDAQ stock exchange.
“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,” said Gerry P. Smith, CEO of ODP in a statement. “Atlas brings an understanding of our industry, along with 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 Holdings and its affiliates consist of 27 manufacturing and distribution businesses in industries including automotive, building materials, business services, energy, food and beverage, packaging and logistics industries. Atlas was founded in 2002 but notes on its website that many of its companies have been doing business for more than a century.
“Atlas has a long history of transitioning public companies into successful private enterprises, and we are uniquely positioned to do just that with The ODP Corporation — an iconic American company,” said Michael Sher, Managing Partner at Atlas in a statement. “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 Corporations’s continued evolution in its next chapter.”
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In November 2024 Office Depot partnered with Grubhub for on-demand delivery from its 800+ stores, and earlier this month Office Depot instituted a “15-Minute Pickup Promise” for in-store or curbside pickup of orders.
