Office Depot Sold to Atlas Holdings for $1 Billion After Decade of Store Closures

Office Depot's parent company, ODP, has been acquired by Atlas Holdings for $1 billion after closing over 1,000 stores in the past decade. The acquisition follows a decline in office-store industry revenue, which has fallen at a compounded annual rate of 4% over the past five years. ODP expanded into business-to-business services after acquiring OfficeMax in 2013, but the market has become increasingly competitive with the rise of e-commerce and big box retailers.

In a significant move within the office supply industry, Atlas Holdings has agreed to acquire ODP Corp. for approximately $1 billion in an all-cash transaction. The deal, announced on September 11, 2025, marks a pivotal moment for ODP Corp., which has been grappling with market challenges and a decline in revenue. The acquisition comes after ODP Corp. closed over 1,000 stores in the past decade, reflecting the industry's evolving landscape Boca Raton's ODP Corp, Parent of Office Depot, Acquired by Atlas Holdings in Nearly $1 Billion Cash Deal^[1].

The acquisition price of $28 per share represents a 34% premium over ODP's closing share price on September 19, 2025, valuing the business at around $1 billion. The deal, which is expected to finalize by the end of 2025, will transition ODP Corp. from a publicly traded entity on NASDAQ to a private corporation. This move is anticipated to bring operational expertise and resources to ODP Corp., which has been focusing on business-to-business (B2B) growth initiatives Atlas Holdings to acquire ODP Corporation in $1bn deal^[2].

ODP Corp., founded in 1986, has a history of corporate transformations. It acquired OfficeMax in 2013 and rebranded itself as ODP Corp. in 2022. The company has also faced several acquisition attempts, including a takeover bid by Staples in 2021, which was ultimately rejected Atlas Holdings to acquire ODP Corporation in $1bn deal^[2]. The acquisition by Atlas Holdings is seen as a strategic move to bolster ODP's position in the competitive office supply market, which has been impacted by the rise of e-commerce and big box retailers.

Atlas Holdings, a global player in manufacturing and distribution, has successfully transitioned public firms to private entities in the past. The company's managing partner, Michael Sher, expressed confidence in ODP Corp.'s future, stating that Atlas Holdings is the right partner to support the company's continued evolution Atlas Holdings to acquire ODP Corporation in $1bn deal^[2]. ODP Corp.'s CEO, Gerry Smith, also welcomed the acquisition, noting that Atlas Holdings brings operational expertise and resources that will fast-forward ODP's B2B growth initiatives Atlas Holdings to acquire ODP Corporation in $1bn deal^[2].

The acquisition is subject to regulatory clearance and shareholder approval. Once completed, ODP Corp. will become a privately held company, and its common stock will be removed from the Nasdaq exchange. This transaction signals a new chapter for ODP Corp., as it looks to adapt to the changing retail environment and capitalize on long-term value generation opportunities.

References
Boca Raton's ODP Corp, Parent of Office Depot, Acquired by Atlas Holdings in Nearly $1 Billion Cash Deal^[1] https://hoodline.com/2025/09/boca-raton-s-odp-corp-parent-of-office-depot-acquired-by-atlas-holdings-in-nearly-1-billion-cash-deal/
Atlas Holdings to acquire ODP Corporation in $1bn deal^[2] https://www.retail-insight-network.com/news/atlas-holdings-agreement-odp-corporation/