Xerox Holdings has struck a deal for closely held Lexmark International that values the maker of printers and printing software at $1.5 billion, including debt.Xerox's takeover of the business would bring Lexmark back under U.S. ownership. The company's current owners are printer maker Ninestar Corp. (formerly known as Apex Technology), listed in Shenzhen, China; private-equity firm PAG Asia Capital; and asset manager Shanghai Shouda Investment Centre.Xerox is expected to finance the deal with a combination of cash on hand and committed debt financing.Shares in Xerox, based in Norwalk, Conn., rose nearly 12.6% Monday to $9.45 a share. The company has a market value of a little more than $1 billion. Its share price has come under pressure in recent lower-than-exmonths from pected equipment sales.Lexmark was formed out of IBM in 1991 and is based in Lexington, Ky. The company in 2016 agreed to be sold to a group of Chinese buyers for $2.54 billion, not including debt, taking it off the public market.It has faced challenges recently. The U.S. last year blocked the import of goods made by Ninestar over the company's alleged use of forced labor tied to China's Xinjiang region.Xerox has been led by Chief Executive Steve Bandrowczak since August 2022. At the start of this year, Xerox announced a new organizational structure to center the company around three priorities: its core print business; global business services; and information technology and digital services.<img src="https://cdn.magzter.com/1731070667/1735023952/articles/BPZiusZLg1735026190123/fwEGmrise1735026265362.jpg" alt="image">Xerox in October announced a $400 million deal for ITsavvy, a provider of IT products and services.Activist investor Carl Icahn had been one of Xerox's biggest investors for years but sold his remaining stake back to the company in late 2023. The two parties had feuded on and off over various strategic moves."The reality is, we have to find a way to grow despite industry challenges," Bandrowczak said in an interview. The Lexmark deal should help Xerox clean up its balance sheet and allow for investing in growth opportunities, he added.Xerox said Monday that it expects to cut more than $200 million in costs over the next two years.The company also said its board of directors has approved a reduction in its annual dividend to 50 cents a share from $1 a share starting with a payout in the first quarter of 2025.The deal for Lexmark would create a vertically integrated manufacturer, distributor and provider of printing equipment and services, and boost revenue by roughly one-third.The acquisition would bolster Xerox's core printing portfolio and help it expand its services globally, particularly in the Asia-Pacific region. The company would also benefit from Lexmark's investments in a global supply chain and a growing market for a kind of color printing known as A4.The two companies already have a relationship. Lexmark has been a supplier to Xerox for years."We are putting two great American brands together," Bandrowczak said. "We think that will help us significantly." Jefferies served as the financial adviser to Xerox on the transaction, with Morgan Stanley advising Lexmark.

Xerox in Deal to Acquire Lexmark

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