IKON Office Solutions announced that it has signed a definitive agreement with Ricoh Company, Ltd., under which Ricoh will acquire IKON for $17.25 per share, or approximately $1.6 billion in cash.

The combination of IKON and Ricoh will leverage IKON’s sales and services capabilities with Ricoh’s engineering and manufacturing expertise to better meet the needs of customers by offering full end-to-end office solutions and services.