The Firm is representing The ODP Corporation (NASDAQ: ODP) in connection with its 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, 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).