Pitney Bowes Completes Sale of its Management Services Business to Apollo Funds for $400 Million
October 01 2013 - 2:49PM
Business Wire
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 www.agm.com.
About Pitney Bowes
Pitney Bowes provides technology solutions for small, mid-size
and large firms that help them connect with customers to build
loyalty and grow revenue. Many of the company’s solutions are
delivered on open platforms to best organize, analyze and apply
both public and proprietary data to two-way customer
communications. Pitney Bowes includes direct mail, transactional
mail and call center communications in its solution mix along with
digital channel messaging for the Web, email and mobile
applications. Pitney Bowes: Every connection is a new opportunity™.
www.pb.com.
Forward-Looking Statements
This document contains “forward-looking statements” about our
expected or potential future business and financial performance.
For us forward-looking statements include, but are not limited to,
statements about our future revenue and earnings guidance and other
statements about future events or conditions. Forward-looking
statements are not guarantees of future performance and involve
risks and uncertainties that could cause actual results to differ
materially from those projected. These risks and uncertainties
include, but are not limited to: mail volumes; the uncertain
economic environment; timely development, market acceptance and
regulatory approvals, if needed, of new products; fluctuations in
customer demand; changes in postal regulations; interrupted use of
key information systems; management of outsourcing arrangements;
changes in business portfolio; foreign currency exchange rates;
changes in our credit ratings; management of credit risk; changes
in interest rates; the financial health of national posts; and
other factors beyond our control as more fully outlined in the
Company's 2012 Form 10-K Annual Report and other reports filed with
the Securities and Exchange Commission. Pitney Bowes assumes no
obligation to update any forward-looking statements contained in
this document as a result of new information, events or
developments.
Media:Pitney Bowes Inc.Bill Hughes,
203-351-6785Chief Communications
Officerwilliam.hughes@pb.comorRubenstein Associates, Inc. for
Apollo Global Management, LLCCharles Zehren,
212-843-8590czehren@rubenstein.comorInvestor
Relations:Pitney Bowes Inc.Charles McBride, 203-351-6349Vice
President, Investor Relationscharles.mcbride@pb.comorApollo Global
Management, LLCGary M. Stein, 212-822-0467Head of Corporate
Communicationsgstein@apollolp.com
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