Ricoh acquires IKON for $1.6 billion

By Lisa Kerner

Charlotte, N.C., Oct. 31 - Ricoh Co., Ltd., through its wholly owned U.S. distribution subsidiary, completed its $1.6 billion acquisition of IKON Office Solutions, Inc.

IKON shareholders approved the transaction at a special meeting on Friday.

According to a Ricoh news release, the acquisition will strengthen the company's business infrastructure in the United States, Canada and Europe by combining with IKON's strong sales and service network.

In August, Ricoh, a Tokyo-based digital office solutions provider, announced it would acquire IKON for $17.25 per share, or approximately $1.6 billion in cash.

IKON, an independent channel for document management systems and services, will operate as a Ricoh subsidiary and maintain is headquarters location in Malvern, Pa.

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