ODP Sells Majority of Varis Division to Arising Ventures Affiliate

Dow Jones

2024-10-23

By Paul Ziobro

ODP Corp. has sold most of its Varis Division, a business-to-business procurement marketplace, to an affiliate of Arising Ventures.

ODP, the parent of Office Depot and OfficeMax, is retaining a 19.9% stake in Varis after the sale, the company said in a Securities and Exchange Commission filing Tuesday.

Under terms of the agreement, ODP will fund up to $4 million of expenses that may be incurred by Varis following the transaction date until Dec. 31, 2025.

ODP said that the deal aligns with its goal of finalizing its capital commitment to Varis while retaining an invested interested in future opportunities.

Write to Paul Ziobro at paul.ziobro@wsj.com

(END) Dow Jones Newswires

October 22, 2024 17:15 ET (21:15 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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