GE Capital to Buy Pitney Bowes Unit

Pitney Bowes Inc. agreed to sell its lease finance unit to General Electric Capital Corp., one of the world’s biggest finance companies, for more than $800 million. The unit, Colonial Pacific Leasing Corp., based in Portland, Ore., finances equipment leases through a network of 355 brokers and agents. The move is the latest in a yearlong restructuring by Pitney Bowes, the Stamford, Conn.-based maker of postage meters, mailing systems, copiers and other equipment. GE Capital is a subsidiary of General Electric Co. that provides financial services to business and consumers. The company plans to combine Colonial with its lease financing unit, making it one of the top five in the business. Pitney Bowes said it will use proceeds from the transaction to reinvest in core businesses, pay down debt and increase its share-buyback program. On the New York Stock Exchange, Pitney shares rose $2.38 to $53.38, and Fairfield, Conn.-based GE rose $1.56 to $74.06.