Office Depot parent company to be acquired in deal valued at $1 billion
Office Depot is going private.
The ODP Corp., whose portfolio includes Office Depot and OfficeMax, ODP Business Solutions and distribution logistics service provider Veyer, has entered into an agreement to be acquired by an affiliate of private equity group Atlas Holdings, which owns a global network of manufacturing and distribution businesses, for $28 per share in cash. The price represents a premium of 34% to ODP’s closing share price on Sept. 19, 2025, valuing the company at approximately $1 billion.
The deal, which is subject to regulatory and shareholder approvals, is expected to be completed by the end of 2025. Upon closing, ODP will become a privately held company, and its stock will no longer be listed on the NASDAQ stock exchange.
“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,“ said Gerry P. Smith, CEO of ODP Corp. “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.”
For its most recent second quarter, ODP's total sales dropped 7.6% year over year to $1.6 billion, driven in part by lower sales in the Office Depot Division (includes Office Depot and OfficeMax stores) amid fewer store locations and decreased retail traffic. The division operated 834 retail stores at the end of the quarter.
In a statement, Atlas Holdings managing partner Michael Sher said that the the firm has a long history of transforming public companies into successful private enterprises and it is “uniquely positioned to do just that with The ODP Corporation.”
“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,” Sher said. “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.”
Headquartered in Greenwich, Conn., Atlas and its affiliates own and operate 29 companies which employ more than 60,000 associates across 375 facilities worldwide. The company operates in sectors such as automotive supply, building materials, capital equipment, construction services, food manufacturing and distribution, metals processing, packaging, paper, power generation, printing, pulp, supply chain management and wood products. Atlas’ companies together generate more than $20 billion in revenues annually.
Advisors
J.P. Morgan Securities LLC is serving as exclusive financial advisor and Simpson Thacher & Bartlett LLP is serving as legal advisor to The ODP Corporation. Lazard is serving as financial advisor and Willkie Farr & Gallagher LLP is serving as legal advisor to Atlas Holdings.
