RTTNews | May 5, 2021 10:09AM EDT

10:08 Wednesday, May 5, 2021 (RTTNews.com) - Shares of ODP Corp. (ODP) are currently gaining over 10% on Wednesday after the parent company of Office Depot announced plans to separate into two independent companies.

ODP is currently trading at $46.94, up $4.47 or 10.53%, on the Nasdaq.

The company will split into ODP and "NewCo." The ODP will provide retail consumer and small business products and services through Office Depot and OfficeMax.

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 its sourcing, supply chain and logistics assets.

The separation is expected to be completed during the first half of 2022. The split is intended to occur through a distribution of shares of NewCo as a tax-free dividend to ODP's shareholders.

Read the original article on RTTNews ( https://www.rttnews.com/3191980/stock-alert-odp-gains-10-on-plan-to-split-into-two-independent-companies.aspx)

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