Pitney Bowes (NYSE: PBI ) has agreed to sell the North America portion of its Management Services business to Apollo Global Management (NYSE: APO ) for approximately $400 million in cash, the companies announced today in a joint statement.
Pitney Bowes Management Services provides mail and office management, document management, and marketing solutions for its clients. The company had previously entered into an agreement to sell its European Management Services operation.
According to Pitney Bowes' second-quarter earnings report, its North America division of Management Services had a lower-than-expected first-half performance and, as a result, took a non-cash, pre-tax goodwill impairment charge of $98 million for the quarter.
Apollo is a global asset management firm with offices in New York, Los Angeles, Houston, London, Frankfurt, Luxembourg, Singapore, Mumbai, and Hong Kong.
Pitney Bowes will continue to operate PBMS until the companies close on the transaction in the fourth quarter of 2013.