Funds
affiliated with Apollo Global Management, LLC (together with its consolidated
subsidiaries, “Apollo”) and Pitney Bowes Inc. today announced a definitive
agreement under which Apollo will acquire Pitney Bowes Management Services
(“PBMS” ) for approximately $400 million in cash. The transaction, which is
subject to customary closing conditions, is expected to close in the fourth
quarter of 2013. Until then, Pitney Bowes will continue to operate PBMS.
