PrintingNews.com

Konica Minolta Business Solutions U.S.A. Inc. signed an agreement to purchase Danka Office Imaging Co. (DOIC) for $240 million.

Under the terms of the agreement, Konica Minolta will begin servicing network-ready multifunctional products (print, copy, fax, and scan all-in- one system), and network printers in DOIC markets in the middle of the year. The acquisition is subject to customary regulatory and other closing conditions, in both the United States and the U.K., including approval of the transaction by Danka's shareholders.

DOIC serves over 45,000 customers across the United States, and generated approximately $450 million in total revenue for the fiscal year ending March 31, 2007. The acquisition is expected to significantly increase Konica Minolta's U.S. distribution to enterprise customers, while expanding its range of services and support capabilities.

"Konica Minolta's acquisition of DOIC will further enhance our leadership in the color and high volume production print markets while complementing our overall growth strategy with our independent dealers and branch network," said Jun Haraguchi, president and CEO of Konica Minolta Business Solutions U.S.A. Inc.

Upon the consummation of the transaction, DOIC will be a wholly owned subsidiary of Konica Minolta, and will maintain its current offices in St. Petersburg, Fla. It will also operate to serve the DOIC current distribution network.