Greenwich, CT (CAPITOL CITY NOW) – An office supply chain with a location in Springfield and others in Central Illinois is about to be sold by its parent company in a $1 billion deal.

According to a news release, the owner of Office Max and Office Depot, The ODP Corporation, is being purchased by an affiliate of Atlas Holdings.  Atlas Holdings is described as a firm owning and operating 29 companies “which employ more than 60,000 associates across 375 facilities worldwide” in industries ranging from automotive supply to wood products, generating more than $20 billion in revenue annually.

“This transaction, fully supported by our Board, provides a substantial premium for The ODP Corporation’s shareholders and will improve the company’s position for the next phase of growth,” said Gerry Smith, CEO, The ODP Corporation, in a news release.

Stock in Office Depot has been trading higher since the Monday announcement.  The sale to Atlas Holdings would take the company public, once it’s completed by the end of the year.

Atlas Holdings is based in Greenwich, CT, and was founded in 2002.

Office Depot operates a location in Springfield, on Veterans Parkway, near White Oaks Mall.