HP Inc. announced it would be acquiring Samsung Electronics Co., Ltd.’s printer business just over a year ago in September 2016, and the deal is finally done.
Valued at $1.05 billion, the acquisition means HP expands its printer portfolio and strengthens its A4 laser printing business, as well as accelerates its ability to “disrupt the $55 billion A3 copier segment.” HP also gained more than 6,500 intellectual property print patents from Samsung, as well as nearly 1,300 researchers and engineers in the fields of laser technology, imaging electronics, supplies, and accessories.
“As we ignite a renaissance in printing, we’re thrilled to bring together the industry’s best and brightest talent,” Dion Weisler, president and CEO of HP Inc., says in a Nov. 1 press release. “Together, we will build on more than 30 years of print leadership to accelerate our strategy, disrupt new market opportunities, and provide our customers and partners with unique and highly innovative print solutions.”
HP says that its fully integrated portfolio, which includes next-gen PageWide technologies, Connection Inspector, Sure Start, Run-time intrusion detection and whitelisting, offers customers enhanced security and “opportunities to grow managed print and document services as sales models shift from transactional to contractual. Customers will have greater choice, reliability, and uptime, with lower cost of ownership and more affordable colour.”
HP will provide more financial guidance on its Q4 earnings call, the company says. And as part of the acquisition, Samsung will be making a $100 million to $300 million equity investment in HP through open market purchases.
