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Pitney Bowes Sells-Off Management Services Business For $400M.
Pitney Bowes Completes Sale of its Management Services Business to Apollo Funds for $400M
by andy slawetskySTAMFORD, Conn., October 01, 2013 – Pitney Bowes Inc. (NYSE:PBI) today announced the successful completion of the sale of Pitney Bowes Management Services for $400 Million in cash to funds affiliated with Apollo Global Management, LLC (NYSE:APO) (together with its consolidated subsidiaries, “Apollo”). Proceeds from the sale of the business will be used principally to pay down debt.
Pitney Bowes Management Services becomes a standalone company which will operate under a new name to be determined by Apollo.
The sale of the Pitney Bowes Management Services business to funds affiliated with Apollo, which was announced July 30, 2013, allows Pitney Bowes 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 the Company has distinctive advantage.
About Apollo
Apollo is a leading global alternative investment manager with offices in New York, Los Angeles, Houston, London, Frankfurt, Luxembourg, Singapore, Mumbai and Hong Kong. Apollo had assets under management of approximately $113 billion as of June 30, 2013, in private equity, credit and real estate funds invested across a core group of nine industries where Apollo has considerable knowledge and resources. For more information about Apollo, please visit http://www.agm.com.
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