HP Inc agrees to buy Samsung Electronics Printer Business to boost the  high-volume printing device business

The PC Hardware behemoth HP Inc today announced the acquisition of Samsung’s Printer business in a $1.05Bn deal to boost and gain a market share in the printing device business.

HP Inc. President and CEO, Dion Wesler commented on the deal:

When we became a separate company just 10 months ago, it enabled us to become nimble and focus on accelerating growth and reinventing industries.

We are doing this with 3D printing and the disruption of the $12 trillion tradiotional manufacturing industry, and now we are going after the $55 billion copier space.

The acquisition of Samsung’s printer business allows us to deliver print innovation and create entirely new business opportunities with far better efficiency, security, and economics for customers.

With this deal, HP will now own Samsung 6500 printing patents along with its world-class workforce of about 1300 researchers and engineers with advanced expertise in Printing Technologies.

Samsung Electronics Co. Vice Chairman and CEO, Dr. Oh-Hyun Kwon commented on the deal:

HP Inc. has been a valued partner and customer of Samsung. We can now leverage our combined capacity for innovation to further enhance the value of our relationship.

The acquisition is expected to be accretive in the first full year following closing, with cost synergies and a strong financial model. The transaction is expected to close within 12 months pending regulatory review and other customary closing conditions. After closing, Samsung has agreed to make a $100 million to $300 million equity investment in HP through open market purchases.