Xerox to buy printer maker Lexmark from Chinese owners in deal worth US$1.5-billion [Globe and Mail, The (Toronto, Canada)]
International Business Machines Corporation (IBM)
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Source: Globe and Mail, The
in a $1.5-billion deal to expand its presence in Asian markets and better compete in an industry upended by the digital age. The purchase from Ninestar, PAG Asia Capital and Shanghai Shouda Investment Centre will bring Lexmark back to U.S. ownership. Formed out of IBM in 1991, Lexmark was sold to a group of Chinese investors in a $3.6-billion deal in 2016. Xerox, a household name globally, has posted revenue declines for five straight quarters as demand for printing equipment sputtered and it faced tough competition from HP and Canon. Its shares, down more than 50 per cent this year, jumped 7 per cent on Monday. Lexmark, already a Xerox supplier, will boost its presence in the A4 color printing segment, one of the few expanding areas in an industry facing challenges due to the shift to digital documents. The combined company is expected to serve more than 200,000 clients in 170 countries and have a market share among the top five firms globally in various print segments. X
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