RICOH Acquires IKON Office Solutions for $2.38B

On August 27, 2008, RICOH Co., Ltd., a Japanese manufacturer of printers and photocopiers, agreed to acquire IKON Office Solutions Inc., through RICOH's wholly owned American distribution subsidiary, Ricoh Americas Corporation, for $2.38 billion. This is RICOH's largest corporate acquisition to date.

RICOH will pay $17.25 a share in cash, 51 per cent more than the average close of IKON shares over the last 12 months. This purchase allows RICOH to extend its reach into markets in Canada, Europe and the United States.

RICOH is headquartered in Tokyo, Japan, and is a global leader in imaging solutions. IKON is the world's largest independent channel for document management systems and services. RICOH has been a key supplier to IKON Office Services, and the relationship between the two companies has a long history.

Morrison & Foerster LLP represented RICOH Co. Ltd.

IKON Office Services was represented by a team from Lang Michener LLP that included Howard Drabinsky, Daniel Rowntree (business), Kalle Soomer, QC, (tax), Daniel Edmondstone (competition) and George Waggott (employment and labour).

Teams from Baker & Hostetler LLP and Cravath Swaine & Moore LLP also represented IKON Office Services. Goldman Sachs was IKON's financial advisor on the deal, while Morgan Stanley advised RICOH.


George Waggott Daniel Rowntree Daniel G. Edmondstone Kalle Soomer Howard Drabinsky


Morrison & Foerster LLP Baker & Hostetler LLP Cravath, Swaine & Moore LLP