Printer and private laptop maker HP Inc stated on Wednesday it has accomplished the acquisition of Samsung Electronics’ printer enterprise for $1.05 billion.
The acquisition will develop HP’s portfolio and assist disrupt the $55 billion A3 copier market with multi-function printers which can be straightforward to make use of however have the identical excessive efficiency ranges as copiers, the corporate stated.
Associated Funding Information
“As we ignite a renaissance in printing, we’re thrilled to deliver collectively the trade’s finest and brightest expertise,” HP President and CEO Dion Weisler stated in an announcement. “Collectively, we are going to construct on over 30 years of print management to speed up our technique, disrupt new market alternatives, and supply our prospects and companions with distinctive and extremely progressive print options.”
The acquisition was first introduced in September final yr.
As a part of the deal, HP will personal Samsung’s greater than 6,500 print patents and a workforce of roughly 1,300 researchers and engineers who specialise in laser expertise, imaging electronics and provides and equipment.
Samsung, as a part of the settlement, will make an fairness funding of $100 million to $300 million in HP by means of open market purchases.
In the meantime, PC and printer makers are additionally 3-D printing as a possible development space. Weisler instructed CNBC’s Jim Cramer final month that HP joined 3-D printing to get forward of the inevitable manufacturing disruption.
HP stated Wednesday that it might present monetary steering on its fourth-quarter earnings name. Earlier, firm executives stated they have been cautiously optimistic about subsequent yr.