ODP Corp. sells CompuCom subsidiary and increases share buyback plan

By Stephen Nakrose

ODP Corp. announced on Friday that it has sold its subsidiary CompuCom Systems to a subsidiary of Variant Equity for up to $ 305 million.

The transaction consists of a mix of cash, an interest-bearing promissory note and a contingent future earn out, ODP said.

Anthony Scaglione, ODP Corp.’s Chief Financial Officer, said, “This move represents an important step in further aligning our business model and resources with our core strategy.”

Also on Friday, the company announced that its board of directors has approved a $ 450 million increase in its existing share buyback plan by $ 200 million.

Write to Stephen Nakrose at [email protected]

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