Ricoh to buy Ikon Office Solutions for $1.62 bln

Published: 27 Aug 2008 23:25:09 PST

TOKYO, Aug 27 (Reuters) - Japanese copier and printer maker Ricoh Co Ltd said on Wednesday it would acquire Ikon Office Solutions, which sells and leases office equipment, for about $1.62 billion in cash.

Ricoh, which competes with Xerox Corp, Canon Inc and Konica Minolta Holdings in printers and copiers, said it would pay $17.25 for each Ikon Office share.

Shares of U.S.-based Ikon Office closed Tuesday at $15.56.

(Reporting by Kiyoshi Takenaka; Editing by Quentin Bryar)

Provided by Reuters