TOKYO (AFP) — Japanese office equipment maker Ricoh said Wednesday it has agreed to buy US firm IKON Office Solutions for 1.6 billion dollars.
Ricoh said the deal would give it access to IKON's sales and maintenance network as well as to its clients in Europe, the US and Canada, as the Japanese firm seeks to expand.
"IKON has terrific strength in areas that complement Ricoh's growth strategy," Shiro Kondo, Ricoh president and chief executive officer, said in a statement.
Ricoh is a key supplier of IKON, which sells and leases office equipment, and the two companies said they had a long history of working together.
The offer of 17.25 dollars per share represents a 33 percent premium over IKON's trailing 60-day average stock price as of market close on Tuesday.
The two firms aim to complete the purchase by December.
IKON Chairman Matthew J. Espe called the agreement an "attractive transaction for our shareholders, customers and employees."
Joining Ricoh "will enable us to strengthen our offerings to customers and create new opportunities for our employees," Espe said in a statement.
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