Office Depot Parent Company Agrees to Acquisition Valuing It at $1 Billion

Acquisition Overview - The ODP Corporation is set to be acquired by an affiliate of Atlas Holdings in a deal valued at approximately $1 billion, expected to close by the end of the year, subject to customary conditions [2][3] - Upon completion, The ODP Corporation will transition to a privately held company [3] Company Performance - In the second quarter, The ODP Corporation reported sales of $1.6 billion, reflecting an 8% decline year-over-year, primarily due to 60 fewer retail stores and reduced consumer traffic [5] - The company noted improvements in same-store sales trends in its consumer segment and a 200-basis point improvement in year-over-year revenue trends in its B2B distribution business, driven by new customer traction and expansion into the hospitality sector [6] Strategic Insights - The CEO of The ODP Corporation emphasized that the acquisition will enhance the company's growth position and support its B2B initiatives [3] - Atlas Holdings has a history of successfully transitioning public companies into private entities and aims to provide the necessary resources for long-term value creation [4]