Private equity firm Atlas Holdings has agreed to acquire ODP Corp, the parent company of Office Depot, in a transaction valued at around $1bn. Under the terms, Atlas will pay $28 per share, a 34% premium to ODP’s closing price last Friday, according to a report by Bloomberg.
Shares in the company surged as much as 34% on the news in New York on Monday, trading just below the offer price.
The deal comes as Office Depot faces ongoing headwinds from the structural shift of office supply sales to online channels. The retailer has reported revenue declines for the past two years, with the trend continuing into the first half of 2025.
