Norwalk-based Xerox Holdings Corp. on Tuesday said it has completed its $1.5 billion acquisition of Lexmark International Inc. Xerox, which is headquartered at 401 Merritt 7, in Norwalk, announced in late December that it planned to acquire Lexmark, a Kentucky-based printer manufacturer and one of Xerox’s suppliers, from China’s Ninestar Corp., PAG Asia Capital and […]
Norwalk-based Xerox Holdings Corp. on Tuesday said it has completed its $1.5 billion acquisition of Lexmark International Inc.
Xerox, which is headquartered at 401 Merritt 7, in Norwalk,
announced in late December that it planned to acquire Lexmark, a Kentucky-based printer manufacturer and one of Xerox’s suppliers, from China’s Ninestar Corp., PAG Asia Capital and Shanghai Shouda Investment Centre.
“We've long admired Lexmark’s strong print and managed print services reputation, robust client and partner base, and global presence,” Xerox CEO Steve Bandrowczak said. “Over the years, we’ve built a collaborative partnership, and today, we take our business to the next level.”
Allen Waugerman will step down as Lexmark’s CEO as a result of the merger.
Steve Bandrowczak will remain CEO of Xerox with an executive team of leaders from both companies, Xerox said.
The combined organization will serve over 200,000 clients in over 170 countries and operate 125 manufacturing and distribution facilities in 16 countries.
The acquisition was financed through a combination of cash and debt that included
an $800 million debt offering.
Xerox said it expects the deal to result in about $240 million in transaction-related cost savings that will boost earnings per share by more than $1 over the next two years.
