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Funds affiliated with Apollo Global Management, LLC (NYSE: APO) (together with its consolidated subsidiaries, “Apollo”) and Pitney Bowes Inc. (NYSE: PBI) today announced a definitive agreement under which Apollo will acquire Pitney Bowes Management Services (“PBMS” ) for approximately $400 million in cash. The transaction, which is subject to customary closing conditions, is expected to close in the fourth quarter of 2013. Until then, Pitney Bowes will continue to operate PBMS.
“This transaction represents a tremendous opportunity for both Pitney Bowes and PBMS,” said Marc Lautenbach, President and CEO, Pitney Bowes. “It is part of our continued evolution into a company better aligned to address the needs of clients while focusing on the areas where we can create the greatest value for our clients and our shareholders. Pitney Bowes Management Services, a strong business with an outstanding team and an unparalleled client list, can benefit significantly from operating as a more focused, stand-alone company in partnership with Apollo, a leading global alternative asset manager with a proven track record of success in building and growing businesses in the business services industry.”
This agreement will create value for Pitney Bowes by allowing management to focus attention and resources on developing and delivering the highest value technology, innovative software and differentiated services in high value segments of the market, where Pitney Bowes has distinctive advantage.
“Pitney Bowes Management Services offers an innovative business model supported by a highly talented team of individuals,” said Matthew Nord, Partner at Apollo. “Their knowledge combined with cost-effective solutions drive business outcomes that help clients achieve their objectives. We are excited to invest in, and grow this great company.”
Pitney Bowes remains committed to delivering a high level of service to its clients and will continue to focus on the three areas outlined during its analyst day: Small and Medium Business Mail, Enterprise Mail and Services, and Digital Commerce Solutions.