Pitney Bowes Completes Sale to Apollo

http://whattheythink.com/news/65672-pitney-bowes-completes-sale-management-services-business-apollo-funds-400-million/

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.