Ricoh to Purchase Ikon

To bolster its distribution capabilities, Ricoh plans to acquire Ikon Office Solutions, the only remaining large, independent, U.S. distributor of printers, copiers and MFPs. This follows the June acquisition of Danka Office Imaging Co. by Konica Minolta Business Solutions USA.

The $1.617 billion Ricoh/Ikon deal, ambitiously targeted to close during the fourth quarter of 2008, has been approved by the boards of directors of both companies, though it still requires approval of shareholders and North American and European antitrust authorities.

Ricoh Americas Corp., a wholly owned U.S. distribution subsidiary of Tokyo-based Ricoh Co., Ltd., will facilitate the acquisition by merging its own subsidiary, Keystone Acquisition, Inc., with Ikon.