The ODP Corporation – a leading provider of products, services, and technology solutions through an integrated business-to-business (B2B) distribution platform and omnichannel presence, which includes world-class supply chain and distribution operations, dedicated sales professionals, online presence, and a network of Office Depot and OfficeMax retail stores – has entered into a definitive agreement to be acquired by an affiliate of Atlas Holdings, a well-established entity that owns and actively operates a diverse global portfolio of manufacturing and distribution businesses. This strategic acquisition will see Atlas Holdings purchasing The ODP Corporation for a cash price of $28 per share.
This acquisition price represents a premium of 34% when compared to The ODP Corporation’s closing share price on September 19, 2025, underscoring the value placed on the company. The total valuation of The ODP Corporation in this transaction is estimated to be approximately $1 billion. A pivotal outcome of this acquisition will be The ODP Corporation’s transition from a publicly traded entity to a privately held company. Consequently, its common stock shares will no longer be listed or traded on the NASDAQ stock exchange once the transaction is finalized.
The Board of Directors of The ODP Corporation has given its unanimous approval to this transaction, signaling strong internal support for the strategic move. The completion of this acquisition is anticipated to occur by the close of 2025. As is standard for transactions of this magnitude, its finalization is contingent upon several customary closing conditions. These include obtaining necessary regulatory approvals from relevant authorities, as well as securing the crucial approval from The ODP Corporation’s shareholders. This marks a significant new chapter for The ODP Corporation as it prepares to embark on its future as a privately owned enterprise under the guidance of Atlas Holdings.
Advisors: J.P. Morgan Securities is serving as exclusive financial advisor and Simpson Thacher & Bartlett is serving as legal advisor to The ODP Corporation. Lazard is serving as financial advisor and Willkie Farr & Gallagher is serving as legal advisor to Atlas Holdings.
KEY QUOTES:
“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.”
Gerry P. Smith, Chief Executive Officer of The ODP Corporation
“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. 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 Managing Partner Michael Sher
