The ODP Corporation’s Spin Off of its B2B Solutions Provider

Simpson Thacher advised The ODP Corporation on the deal.

The ODP Corporation (the “Company”) announced its plan to spin off its Business-to-Business (B2B) solutions provider into an independent, publicly traded company. The transaction is expected to be completed during the first half of 2022, subject to customary conditions, including final approval by the Company’s Board of Directors.

While ODP and NewCo will be separate, independent public companies, they will share commercial agreements that will allow them to continue to leverage scale benefits in such areas as product sourcing and supply chain.

The ODP Corporation (NASDAQ: ODP) is a leading provider of business services and supplies, products and digital workplace technology solutions to small, medium and enterprise businesses, through an integrated business-to-business (B2B) distribution platform, which includes world-class supply chain and distribution operations, dedicated sales professionals and technicians, an online presence, and approximately 1,100 Office Depot and OfficeMax retail locations.

The Simpson Thacher team advising ODP included Alan Klein (Picture), Jakob Rendtorff, Jun Won Kim, Austin Uhm and Robert Harrison (M&A); Russell Light, Benjamin Rippeon and Tyler Robbins (Tax); Jamin Koslowe (ECEB); and Karen Kelley and Charles Mathes (Public Company Advisory Practice).

Involved fees earner: Robert Harrison – Simpson Thacher & Bartlett; Karen Hsu Kelley – Simpson Thacher & Bartlett; Jakob Rendtorff – Simpson Thacher & Bartlett; Jun Won Kim – Simpson Thacher & Bartlett; Alan Klein – Simpson Thacher & Bartlett; Jamin Koslowe – Simpson Thacher & Bartlett; Russell Light – Simpson Thacher & Bartlett; Charles Mathes – Simpson Thacher & Bartlett; Benjamin Rippeon – Simpson Thacher & Bartlett; Tyler Robbins – Simpson Thacher & Bartlett; Austin Uhm – Simpson Thacher & Bartlett;

Law Firms: Simpson Thacher & Bartlett;

Clients: Office Depot, Inc.;

Author: Martina Bellini