TOKYO (dpa-AFX) - HP Inc. (HPQ) announced a definitive agreement to acquire Samsung Electronics Co., Ltd.'s (SMSN.L, SSNNF.OB, SSNLF.OB) printer business in a deal valued at $1.05 billion. HP Inc. expects the acquisition to be accretive in the first full year following closing, with cost synergies and a strong financial model. After closing, Samsung has agreed to make a $100 million to $300 million equity investment in HP through open market purchases.
Dion Weisler, CEO of HP, said: '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.'
HP Inc. noted that Samsung's printer business brings a compelling intellectual property portfolio of more than 6,500 printing patents and a world-class workforce that includes nearly 1,300 researchers and engineers. The company said the deal will also strengthen its ability to service customers in global laser printing, a category where it has enjoyed a mutually beneficial partnership with Canon for more than three decades.
Copyright RTT News/dpa-AFX