RR Donnelley has signed a definitive agreement to acquire shareholder and communications company Bowne & Co. for $481 million in cash in the second half of the year. The deal will be accretive to RR Donnelley’s earnings in 2011.

Bowne offers digital one-to-one printing services for financial services, healthcare, transactional communications, marketing communications and other applications. Its 2009 revenues were $675 million.

"Bowne is an exceptional fit with RR Donnelley,” said Thomas J. Quinlan III, president and chief executive officer of RR Donnelley. “This combination satisfies all of the strategic imperatives that we evaluate as we consider acquisitions. It will expand our depth with additional talented and customer-focused employees, add new and enhanced customer relationships, extend our product and service offering in areas in which our customers have demonstrated firm demand and create the possibility of significant synergies.”

RR Donnelley Chairman David J. Shea said his company was particularly interested in Bowne’s “innovative use of proprietary digitally driven communications.”

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