Ricoh, IKON merger approved by European Commission

By Lisa Kerner

Charlotte, N.C., Oct. 24 - The European Commission granted its approval, under the EU Merger Regulation, of Ricoh Co., Ltd.'s proposed acquisition of IKON Office Solutions Inc.

According to Ricoh, the commission found a minor horizontal overlap in wholesale distribution of office equipment and a vertically affected market for the manufacture of black-and-white office photocopiers in the European Economic Area.

However, the commission's examination showed that these overlaps are limited and that there would still be several strong, effective competitors after the proposed acquisition.

In August, Ricoh 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 become a Ricoh subsidiary and maintain is headquarters location in Malvern, Pa.

Ricoh is a Tokyo-based digital office solutions provider.

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