Xerox Completes the Acquisition of Lexmark, Uniting Two Industry Leaders
Xerox Holdings Corporation (NASDAQ: XRX) has officially completed its acquisition of Lexmark International, Inc. from Ninestar Corporation, PAG Asia Capital, and Shanghai Shouda Investment Centre. Valued at $1.5 billion including net debt and liabilities, the transaction marks a major milestone in Xerox’s strategic reinvention and reinforces its commitment to delivering innovative workplace solutions in today’s hybrid work environment.
“We’ve long admired Lexmark’s strong presence in print and managed services. Today, we’re elevating our partnership to a full integration,” said Steve Bandrowczak, CEO of Xerox.
A Game-Changing Moment in the Print Industry
With this acquisition, Xerox now ranks among the top five players in every major print segment and leads the global managed print services market. The unified company will serve over 200,000 clients in more than 170 countries and manage 125 manufacturing and distribution centers across 16 countries.
Strategic Benefits and Financial Synergies
Financed through a mix of cash and debt, the deal is expected to be accretive to adjusted earnings per share (EPS) and free cash flow beginning in 2025. The company anticipates approximately $240 million in cost synergies, contributing more than $1 per share in EPS accretion within two years.
Unified Leadership, One Vision
Steve Bandrowczak will continue as CEO of Xerox, leading an executive team composed of Xerox and Lexmark leaders. The integration is designed to accelerate innovation and scale operations globally by leveraging both organizations’ deep expertise and portfolios.
“This strategic union enhances our product offering and distribution, reinforcing our ability to deliver end-to-end workplace technologies across every geography and sector,” Bandrowczak added.
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