HP today announced an agreement to acquire Samsung Printing business including printing technology and related patents. This is HP’s largest acquisition in the printing business. The transaction is expected to close within 12 months pending regulatory review and other customary closing conditions. After closing, Samsung has agreed to make a $100 million to $300 million equity investment in HP through open market purchases.
The CEO of HP Jon Flaxman announced the deal, “Together these actions accelerate all of the strategic initiatives we announced less than a year ago after completion of the separation of Hewlett-Packard Company. They strengthen our core A4 products, they hasten our plan to disrupt the $55 billion A3 copier segment with superior printing technology, and they give us a powerful platform of technologies and tools for future innovation. They strengthen HP’s ability to serve customers as the leader in the worldwide printing industry, prove our firm resolve to capture more pages in A3, and demonstrate our commitment to create profitable growth opportunities for our channel partners.”
Samsung’s printer business was growing incredibly and it made $1.4bn in revenue last year. The company has more than 6,500 printing patents which are going to HP with this acquisition. HP was working with Samsung to develop the A3 and A4 line of multi-function printers which are considered secure and impressive in performance. HP has already stated that it plans to replace expensive and bulky copiers with superior multifunction printers.
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