M&A · Industrials · Retail-Miscellaneous Shopping Goods Stores
Atlas Holdings to acquire ODP Corp
Announced Sep 22, 2025 · Closed Dec 10, 2025
Deal value$1.00BEV $910M
Premium34.0%To unaffected price
EV / Adj. EBITDA—0.1x EV / Revenue
ConsiderationAll cash$28.00 per share
Transaction
- Acquirer
- Atlas Holdings
- Target
- ODP Corp (ODP)
- Buyer type
- Strategic
- Offer price per share
- $28.00
- Enterprise value
- $910M
- Status
- Closed Dec 10, 2025
Deal protections
- Break fee (target pays)
- $36.6M · 3.7%
- Reverse fee (buyer pays)
- —
- Go-shop
- No-shop
- Financing
- No financing condition
Advisors
- To the acquirer
- Lazard
- To the target
- JPMorgan
- JPMorgan fee
- $23.0M
Sector context · Industrials
- Comparable deals
- 99 in the prior 24 months
- Premium
- 34.0% vs. 39.5% sector median
- EV / Adj. EBITDA
- Sector median 9.2x
- Break fee
- 3.7% vs. 2.6% sector median
Timeline
- AnnouncedSep 22, 2025
- Proxy filedOct 15, 2025
- Definitive proxyOct 27, 2025
- Shareholder voteDec 5, 2025
- ClosedDec 10, 2025
Valuation · fairness opinions
Discounted cash flow$23.25$29.75
Offer $28.00
Implied value per ODP Corp share by analysis, from JPMorgan · DCF discount rate 12.25%–14.25%.