Pitney Bowes surges on $100 mln deal to sell unit

Global-E Online

21/06/2022 13:40

** Shares of shipping co Pitney Bowes Inc  PBI.N  up nearly
4% at $3.77 premarket
    ** Israel-based e-commerce platform Global-e Online Ltd
 GLBE.O  says will acquire PBI-owned Borderfree for nearly $100
mln in cash  urn:newsml:reuters.com:*:nGNX5CwXvh
    ** GLBE shares up 3.8% at $19 in light premarket vols
    ** Borderfree eases entry into new markets for retailers, by
tailoring their websites for domestic markets and simplifying
compliance and regulations processing, GLBE says
    ** Borderfree expected to generate over $40 million revenue
this year, and deal will close in Q3 - GLBE
    ** As of last close, PBI stock has plummeted over 45% and
GLBE shares have lost over 71% this year

 (Reporting by Niket Nishant in Bengaluru)
 ((Niket.Nishant@thomsonreuters.com;))