Goldman Sachs & Co. LLC is serving as financial advisor to Pitney Bowes and Debevoise & Plimpton LLP is serving as the Company’s legal advisor. Morgan, Lewis & Bockius LLP is serving as legal advisor to Platinum.
Platinum Equity has signed a definitive agreement to acquire Pitney Bowes Inc.’s Document Messaging Technologies (DMT) production mail business and supporting software for $361 million, subject to certain adjustments.
The company anticipates proceeds from the sale of approximately $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 leading 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.
Also included in the transaction is the enterprise mail, print and data management software business that integrates data with print streams to optimize document output for high-volume production mailers.
Pitney Bowes Inc. sells, finances, rents, and services integrated mail and document management systems. The company, led by Marc B Lautenbach, Deepak Chopra and Todd A Everett, in 2017 recorded $3.549 Revenues.
Debevoise & Plimpton LLP is advising Pitney Bowes with a team including Jeffrey J. Rosen (Picture), Michael Bolotin, Lawrence K. Cagney and Henry Lebowitz; counsel Stuart Hammer, Christopher Anthony, Elizabeth Eleanor Burke, Sarah Chai, Christian Frazier, Simone S. Hicks and Stephen J. Kozey.
Involved fees earner: Jeffrey Rosen – Debevoise & Plimpton; Christopher Anthony – Debevoise & Plimpton; Elizabeth Eleanor Burke – Debevoise & Plimpton; Christian Frazier – Debevoise & Plimpton; Stephen Kozey – Debevoise & Plimpton; Michael Bolotin – Debevoise & Plimpton; Lawrence Cagney – Debevoise & Plimpton; Simone Hicks – Debevoise & Plimpton; Henry Lebowitz – Debevoise & Plimpton; Stuart Hammer – Debevoise & Plimpton; Sarah Chai – Debevoise & Plimpton;
Law Firms: Debevoise & Plimpton;
Clients: Pitney Bowes Inc.;