ODP Corp. Sells CompuCom Subsidiary, Increases Stock Buyback Plan - MarketWatch

By Stephen Nakrosis

ODP Corp. on Friday said it sold its CompuCom Systems subsidiary to an affiliate of Variant Equity in a deal valued at up to $305 million.

The transaction consists of a mix of cash, an interest-bearing promissory note, and a contingent future earn out, ODP said.

Anthony Scaglione, chief financial officer of ODP Corp., said, "This action represents an important step in continuing to align our business model and resources towards our core strategy."

Also on Friday, the company said its board authorized a $200 million increase to the existing $450 million stock repurchase plan.

Write to Stephen Nakrosis at stephen.nakrosis@wsj.com

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