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ODP Jumps on Sale of Unit, Boost to Share Buyback

By Dhirendra Tripathi

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

The buyer is an affiliate of private equity firm Variant Equity. The consideration for the deal is a mix of cash, an interest-bearing promissory note, and a contingent future earn out, the parent of Office Depot and OfficeMax said.

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. The company said it also expects to complete its previously announced $150 million accelerated stock repurchase plan by 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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