HP has agreed to buy Samsung’s printer business for $1.05 billion, a deal designed to help the Silicon Valley company reinvent and replace service-intensive copiers with superior multi-function printing.
The transaction, which is subject to regulatory approval, is expected to close within 12 months, the companies said Monday.
After it is completed, Samsung has agreed to make an equity investment of $100 million to $300 million in HP through open-market stock purchases.
HP, created as part of the breakup of Hewlett-Packard Co. last fall, is the market leader in the desktop-class printer segment. While it sells personal computers, it gets most of its profit from supplying ink and toner for the printers it sells.