The ODP Corp. has completed the sale of its IT services subsidiary.
The parent company of Office Depot and Office Max has sold its CompuCom Systems subsidiary to an affiliate of Variant Equity in a transaction valued up to $305 million. The deal consists of a mix of cash, an interest-bearing promissory note, and a contingent future earn out, ODP said. ODP in January 2021 said that it planned to sell CompuCom, which it acquired in 2017.
In a plan unveiled in May 2021, ODP is in the process of splitting into two companies, with the move expected to be completed in the first half of this year. The two companies will consist of ODP and its operating company, which will be renamed ODP Business Solutions and be a B2B business solutions provider, and Office Depot, which will include approximately 1,100 Office Depot and OfficeMax stores, along with an e-commerce website. The split is seen as paving the wave for Office Depot to be acquired by rival Staples.Chain Storeage