HP has agreed to buy Samsung‘s printer business for $1.05 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 $100 million and $300 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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