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IKON Enters into Discussions to Sell $300 Million of Lease Receivables
March 06MALVERN, Pa.–March 2006–IKON Office Solutions , the world’s largest independent channel for document management systems and services, announced today that it has entered into discussions with GE Capital Solutions (“GE”) to sell approximately $300 million of U.S. lease receivables to GE. The transaction, if completed, is expected to net IKON approximately $70 million after payment of related debt and taxes. The transaction is contingent upon the negotiation and approval of a definitive purchase agreement and is currently targeted to close during IKON’s third quarter of fiscal year 2006.
About IKON
IKON Office Solutions, Inc., the world’s largest independent channel for copier, printer and MFP technologies, delivers integrated document management solutions and systems, enabling customers worldwide to improve document workflow and increase efficiency. IKON integrates best-in-class systems from leading manufacturers, such as Canon, Ricoh, Konica Minolta, EFI and HP, and document management software from companies like Captaris, Kofax and others, to deliver tailored, high-value solutions implemented and supported by its global services organization–IKON Enterprise Services. With fiscal year 2005 revenue of $4.4 billion, IKON has approximately 26,000 employees in 450 locations throughout North America and Western Europe.
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