Xerox Holdings Corporation has acquired Lexmark International from Ninestar Corporation, PAG Asia Capital, and Shanghai Shouda Investment Centre for $1.5 bn in a deal that marks a significant milestone in the company’s strategic evolution.
The acquisition also reinforces its goal to deliver workplace solutions in an evolving hybrid environment.
Steve Bandrowczak, Chief Executive Officer at Xerox (pictured) said: “We've long admired Lexmark’s strong print and managed print services reputation, robust client and partner base, and global presence.
“Together, we will drive greater success for our clients and partners through a broader portfolio of print and managed print solutions, furthering our reinvention and solidifying our path toward long-term profitable growth.”
Bandrowczak will remain CEO of Xerox and lead a team of Xerox and Lexmark executives. The combined leadership team will drive innovation by using talent from both companies.
The combined business will serve more than 200,000 clients in over 170 countries and operate 125 manufacturing and distribution facilities in 16 countries.
Bandrowczak added: “This strategic combination strengthens our core business by adding exposure to growing parts of the print market, manufacturing capacity and expanding our distribution reach.
“By uniting two complementary portfolios and deepening our capabilities, we’re better equipped than ever to deliver end-to-end solutions that drive success for our clients.”