Atlas Holdings has agreed to acquire ODP Corp., the owner of Office Depot, in a $1bn take-private transaction, marking one of the largest US retail buyouts of the year, according to sources cited by Bloomberg.

Under the agreement, Atlas will pay $28 per share, representing a 34% premium to ODP’s closing stock price on Friday. Following the news, ODP shares surged as much as 34% in New York trading before closing at $27.81.

ODP, which operates the Office Depot retail chain, has struggled with declining revenues as demand for business supplies continues to shift online. The company reported falling sales over the past two years, with the trend persisting into the first half of 2025.

The deal underscores private equity’s appetite for repositioning retail businesses facing structural shifts, with Atlas set to take the company private to drive operational improvements and long-term transformation.

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