The Office Depot (ODP) and OfficeMax $1.2 billion merger that was announced in February is finally complete.
Bloomberg Businessweek reports that the Federal Trade Commission green-lit the merger on Friday and the two companies are now one. Here are 4 things you should know about the new company:
- The new company will operate under the name Office Depot Inc.
- The combined Office Depot has revenue of $17 billion, 2,200 retail stores, and 66,000 employees.
- The retailer will retain Office Depot’s ODP stock symbol and it will begin trading Wednesday on the New York Stock Exchange.
- OfficeMax shareholders will receive 2.69 ODP shares for every OfficeMax (OMX) share they hold.
- Office Depot CEO Neil Austrian and OfficeMax CEO Ravi Saligram will be co-CEOs of the new company until they find someone to take over the reins.
You can read more about the merger here.