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Pitney Bowes sells software solutions unit for $700M

Aug. 26, 2019 7:04 AM ETPitney Bowes Inc. (PBI) StockBy: Carl Surran, SA News Editor21 Comments
  • Pitney Bowes (NYSE:PBI) +9.4% pre-market after saying it agreed to sell its Software Solutions business to Syncsort for $700M in cash.
  • PBI says it plans to use most of the net proceeds from the sale to pay down near-term debt maturities.
  • PBI also updates full-year guidance, now forecasting adjusted EPS of $0.65-$0.75 on revenue growth of 1%-2% when compared to recast 2018 revenue, and free cash flow of $175M-$205M.

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