Ricoh to buy Ikon Office Solutions for $1.62 bln

TOKYO, Aug 27 (Reuters) - Japanese copier and printer maker Ricoh Co Ltd (7752.T) said on Wednesday it would acquire Ikon Office Solutions IKN.N, which sells and leases office equipment, for about $1.62 billion in cash.

Ricoh, which competes with Xerox Corp (XRX.N), Canon Inc (7751.T) and Konica Minolta Holdings (4902.T) in printers and copiers, said it would pay $17.25 for each Ikon Office share.

Shares of U.S.-based Ikon Office closed Tuesday at $15.56.

(Reporting by Kiyoshi Takenaka; Editing by Quentin Bryar)