ODP Corp Sells Varis Division, Retains Minority Stake

On October 18, 2024, The ODP Corporation (NASDAQ: ODP) completed the sale of its Varis Division to an affiliate of Arising Ventures, while maintaining a 19.9% minority interest post-transaction. As per the terms of the stock purchase agreement, ODP will provide funding of up to $4 million for expenses that Varis might incur between the transaction date and December 31, 2025. Following this deal, ODP will have no further obligations to offer capital support to Varis.

This divestiture of Varis aligns with ODP’s strategic goal of concluding its capital commitment to the division, concurrently enabling the company to retain an invested interest in potential future ventures. The impact of this transaction on ODP’s financial standing did not significantly deviate from the previously projected estimates.

The information concerning this disclosure under Item 7.01 within the Current Report on Form 8-K does not constitute a “filed” document under the Securities Exchange Act of 1934. The specifics included in this filing are not subject to the liabilities of Section 18 of the Exchange Act and are not incorporated by reference into any future filings under the Securities Act of 1933 or the Exchange Act unless expressly noted by specific reference in subsequent filings.

The ODP Corporation signed off on this report as of October 22, 2024, with Sarah E. Hlavinka, EVP, Chief Legal Officer, and Corporate Secretary, duly authorized to represent the company.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read ODP’s 8K filing here.

ODP Company Profile

The ODP Corporation provides business services and supplies, products, and digital workplace technology solutions for small, medium, and enterprise businesses in the United States, Puerto Rico, and the U.S. Virgin Islands. The company operates through four divisions: ODP Business Solutions, Office Depot, Veyer, and Varis.