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Platinum Equity To Buy Pitney Bowes' Global Production Mail Unit For $361 Mln

Pitney Bowes Inc. (PBI) said that Platinum Equity has signed a definitive agreement to acquire the Company's Document Messaging Technologies or DMT production mail business and supporting software for $361 million, subject to certain adjustments.

The company anticipates proceeds from the sale of about $270 million, net of estimated closing costs, transaction fees and taxes. Pitney Bowes expects to use the majority of the net proceeds from the sale to pay down debt.

The transaction is likely to be completed late in the second or early in the third quarter subject to customary closing conditions.

Pitney Bowes' Document Messaging Technologies production mail business is a global leader in enterprise print, mail and customer communications solutions. Platinum Equity is a global private equity firm with a highly specialized focus on business operations and more than 20 years' experience acquiring and operating businesses that have been part of large corporate entities.

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