ODP’s Corporation Sale of CompuCom

Simpson Thacher represented ODP Corporation on the operation.

The ODP Corporation announced the sale of its CompuCom Systems subsidiary (“CompuCom”) to an affiliate of Variant Equity for consideration of up to $305 million, consisting of a mix of cash, an interest-bearing promissory note and a contingent future earn out. The transaction closed on December 31, 2021.

The ODP Corporation is a leading provider of business services and supplies, products and digital workplace technology solutions to small, medium and enterprise businesses, through an integrated business-to-business (B2B) distribution platform, which includes world-class supply chain and distribution operations, dedicated sales professionals and technicians, an online presence, and approximately 1,100 Office Depot and OfficeMax retail locations.

CompuCom is a leading provider of end-to-end managed workplace services, infrastructure modernization and digital consulting to enable the digital workplace for enterprise and mid-market organizations.

The Simpson Thacher team included Jakob Rendtorff (Picture), Alan Klein, Jun Won Kim, Austin Uhm and Robert Harrison (M&A); Russel Light, Tyler Robbins and Lina Pan (Tax); Eli Isak (Credit); Richard Fenyes and Benjamin Heriaud (Capital Markets); Jamin Koslowe, Ryan Stott and Brian Chung (Employee Benefits and Executive Compensation); Lori Lesser and Genevieve Dorment (Intellectual Property); Krista McManus and Stephanie Brenner (Real Estate); Steven DeLott (Insurance); and Peter Guryan, John Goheen and Tomi Mendel (Antitrust).

Involved fees earner: Stephanie Brenner – Simpson Thacher & Bartlett; Brian Chung – Simpson Thacher & Bartlett; Steven DeLott – Simpson Thacher & Bartlett; Genevieve Dorment – Simpson Thacher & Bartlett; Richard Fenyes – Simpson Thacher & Bartlett; John Goheen – Simpson Thacher & Bartlett; Peter Guryan – Simpson Thacher & Bartlett; Robert Harrison – Simpson Thacher & Bartlett; Benjamin Heriaud – Simpson Thacher & Bartlett; Eli Isak – Simpson Thacher & Bartlett; Jakob Rendtorff – Simpson Thacher & Bartlett; Jun Won Kim – Simpson Thacher & Bartlett; Alan Klein – Simpson Thacher & Bartlett; Jamin Koslowe – Simpson Thacher & Bartlett; Lori Lesser – Simpson Thacher & Bartlett; Russell Light – Simpson Thacher & Bartlett; Krista McManus – Simpson Thacher & Bartlett; Tomi Mendel – Simpson Thacher & Bartlett; Lina Pan – Simpson Thacher & Bartlett; Tyler Robbins – Simpson Thacher & Bartlett; Ryan Stott – Simpson Thacher & Bartlett; Austin Uhm – Simpson Thacher & Bartlett;

Law Firms: Simpson Thacher & Bartlett;

Clients: Office Depot, Inc.;

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Author: Youness Semri