RTTNews | May 5, 2021 07:21AM EDT

07:21 Wednesday, May 5, 2021 (RTTNews.com) - The ODP Corporation (ODP) plans to separate into two independent, publicly traded companies, the company said in a statement.

ODP will provide retail consumer and small business products and services through nearly 1,100 Office Depot and OfficeMax retail locations and via online at officedepot.com.

The "NewCo" will be a B2B solutions provider including ODP's business solutions division contract business, regional office supply distribution businesses, and Grand & Toy. NewCo will also own the company's newly formed B2B digital platform technology business, including BuyerQuest, as well as the company's sourcing, supply chain and logistics assets.

The separation is expected via a distribution of shares of NewCo as a tax-free dividend to ODP's shareholders, after which ODP shareholders will own 100% of the equity in both the companies.

"We believe creating two focused, pure-play companies will unlock significant opportunities by improving our ability to meet the needs of our customers, while better matching assets and investment profiles of both companies to generate greater value for our shareholders," said Gerry Smith, Chief Executive Officer of The ODP Corporation.

The separation is expected to be completed during the first half of 2022.

Read the original article on RTTNews ( https://www.rttnews.com/3191824/odp-corporation-to-separate-into-two-companies-quick-facts.aspx)

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