HP Inc has completed the acquisition of Samsung's printer business in a deal valued at $1.05 billion, the company said on Wednesday.
The move will accelerate HP's ability to disrupt the $55 billion A3 copier segment with superior multifunction printing (MFP) technology and strengthen its A4 laser printing business.
Samsung brings intellectual property of more than 6,500 print patents and a workforce of nearly 1,300 researchers and engineers with expertise in laser technology, imaging electronics and supplies and accessories, the company said in a statement.
"As we ignite a renaissance in printing, we are thrilled to bring together the industry's best and brightest talent," said Dion Weisler, President and CEO, HP Inc.
"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," Weisler added.
With Samsung, HP now offers the industry's strongest portfolio of A3 multifunction printers that deliver the simplicity of printers with the high performance of copiers.
As part of the agreement, Samsung will make $100 million to $300 million equity investment in HP through open market purchases.
In May this year, the Competition Commission of India (CCI) approved the acquisition of Samsung's printer business by HP Inc.