ODP Corporation to be Acquired by Atlas Holdings in $1B Deal
The ODP Corporation, a major player in office supplies and services, is set to be acquired by private equity group Atlas Holdings in a deal valued at approximately $1 billion. The transaction, announced today, sees Atlas offering $28 per share in cash, representing a 34% premium to ODP's closing share price on Friday. The sale is expected to close by the end of 2025, subject to regulatory and shareholder approvals.
ODP's Chief Executive Officer Gerry Smith welcomed the deal, stating that it provides a substantial premium for shareholders and sets the stage for the company's next phase of growth. The second quarter earnings report showed a 7.6% year-over-year drop in total reported sales to $1.6 billion, largely driven by lower sales in the Office Depot Division. Atlas Holdings, founded in 2002, has a diverse investment portfolio spanning sectors such as building materials, construction services, packaging, and paper.
Upon the deal's conclusion, ODP will transition from a publicly traded company to a privately held entity, no longer listed on public markets.
The acquisition of ODP by Atlas Holdings is expected to be completed by the end of 2025, pending the necessary approvals. This transaction marks a significant shift for ODP, potentially opening new growth opportunities as a privately held company under Atlas Holdings' ownership.
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