STAMFORD, Conn. (AP) -- Pitney Bowes Inc. said Tuesday that it has completed the $400 million sale of its management services business to investment firm Apollo Global Management LLC.
The mailing equipment and software company first announced the deal in July, saying it wants to focus on the parts of its business that create the most value for shareholders. Its management services business will become a stand-alone company, which will operate under a new name to be determined by Apollo.
The unit generated $921 million in revenue during 2012.
Pitney Bowes plans to use proceeds from the sale to pay down debt.
Shares of Stamford, Conn.-based Pitney Bowes increased 74 cents, a 4 percent increase, to $18.93, a 52-week trading high.