Stock Groups

ODP Jumps on Sale of Unit, Boost to Share Buyback -Breaking

by Mike Robinson

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© Reuters.

By Dhirendra Tripathi

Investing.com – ODP Corp stock (NASDAQ:) surged 6.3% Monday following a December 31 announcement of the sale of its CompuCom Systems subsidiary for up to $305 million.

Variant Equity is the buyer. Consideration for the deal includes cash, an interest bearing promissory note and a contingent earn out. The parent of Variant Equity is the buyer. Office Depot OfficeMax stated.

The stock price also got a boost from the company’s decision to top up its ongoing share repurchase program by $250 million to $650 million. It also stated that it expected to finish its previously announced $150m accelerated stock buyback plan in the first half of 2022.

The company’s board said it continues to evaluate its future capital allocation plans and use of proceeds from the sale.

 

 

 

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