HP to buy Samsung Printer Business for $1.05 billion

HP has agreed to buy Samsung‘s printer business for $1.05PHP 62INR 89EUR 1.00CNY 8 billion in a move to expand their portfolio to provide printing and copying solutions in office work groups.

With a dip in revenue, HP plans to pick things back up with the expansion to A3 printing markets. Samsung already has experience and, furthermore, a business selling these A3 machines and those will be transferred to HP through this deal. In fact, a few hours after disclosing the deal, HP has already come out with 16 new multifunction printers for A3 larger printer-copier combinations.

Additionally, this agreement involves about 6,500 Samsung printing-related patents, around 6,000 Samsung employees that will merge with HP, and about 1,500 engineers. This is on top of the HP shares (between $100PHP 5,869INR 8,475EUR 95CNY 728 million and $300PHP 17,606INR 25,425EUR 286CNY 2,183 million) that Samsung agreed to buy through open-market purchases.

The transaction is still subject to regulatory approval, as Wall Street Journal has reported, and is expected to come to a close in one year.

For more details on the deal between these two companies, head over to WSJ via the source link below.

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