Stamps.com set to complete Endicia acquisition
Stamps.com has announced that it expects to close its acquisition of Endicia this month. As previously reported by Post&Parcel, Stamps.com entered into a definitive agreement with Newell Rubbermaid in March this year to buy Endicia for $215m.
In a statement issued yesterday (5 November), Stamps.com said it had received written notice from the United States Department of Justice that it had closed its investigation into the sale. “As a result,” added Stamps.com, “the acquisition is expected to close November 18, 2015.”
Based in Mountain View, California, Endicia is a provider of high volume shipping technologies and solutions. Endicia had approximately $59m in revenue during fiscal 2014.
Stamps.com said that it expects to fund the acquisition with $165m in bank debt from a group of leading US banks and the remainder from its existing cash and investments.