The deal for the arm was announced by the digital communications services business in June.
Apollo partner Matthew Nord said at the time, “Pitney Bowes Management Services offers an innovative business model supported by a highly talented team of individuals.
“Their knowledge combined with cost-effective solutions drive business outcomes that help clients achieve their objectives. We are excited to invest in, and grow this great company.”
Pitney Bowes said proceeds from the sale would principally be used to pay down debt.
Apollo said PBMS would become a standalone company which would operate under a yet-to-be-decided name.
The firm is currently putting the finishing touches to its latest flagship buyout fund, which is expected to close imminently on about $9.5bn.
Apollo reportedly warned interested LPs in August they could see their commitments scaled back if they wait until this month to invest.
AltAssets revealed earlier in the summer that Apollo had pulled in a total of $8.4bn towards the fund, just six weeks after holding a $6.6bn first close.
Copyright © 2013 AltAssets