HP Inc will acquire Samsung Electronic’s printer business in a deal valued at US$1.05 billion, stating that the move positions it to “disrupt and reinvent” the copier industry.
The deal, which HP states is expected to close within 12 months, pending regulatory review along with other customary closing conditions, is the largest print acquisition in its history.
After the transaction has been closed, Samsung has agreed to make a US$100 million to US$300 million equity investment in HP through open market purchases.
HP states the acquisition “accelerates its growth opportunities in the copier segment, strengthens its leading laser printing portfolio that has been established with Canon, and paves the way for future printing innovation”.
“Samsung has built a formidable portfolio of A3 MFPs that deliver the performance of copiers with the power, simplicity, reliability and ease-of-use of printers, and with as few as seven replaceable parts,” HP states.
“Integrating the Samsung printer business’ products, including their mobile-first and cloud-first user experience, with HP’s next-generation PageWide technologies will create a breakthrough portfolio of printing solutions with the industry’s best device, document and data security.”
HP stated that Samsung’s printer business also brings an intellectual property portfolio of more than 6,500 printing patents along with a workforce including nearly 1,300 researchers and engineers.
“When we became a separate company just 10 months ago, it enabled us to become nimble and focus on accelerating growth and reinventing industries,” Dion Weisler, HP president and CEO, commented.
“We are doing this with 3D printing and the disruption of the $12 trillion traditional manufacturing industry, and now we are going after the $55 billion copier space.
“The acquisition of Samsung’s printer business allows us to deliver print innovation and create entirely new business opportunities with far better efficiency, security and economics for customers.”
