Samsung sells printer business to HP

Samsung sells printer business to HP

Samsung sells printer business to HP

Written by Staff Writer

13 Sep, 2016 | 7:42 am

HP announced Monday that it will acquire Samsung’s printer segment for $1.05 billion.

The deal includes about 6,500 Samsung printing-related patents, and around 6,000 Samsung employees will join HP, including about 1,500 engineers.

The acquisition is the biggest since HP split from Hewlett Packard Enterprise Co. last year to focus on personal computers and related hardware.

The transaction, which is subject to regulatory approval, is expected to close within 12 months, the companies said on Monday. Samsung also agreed to buy between $100 million and $300 million in HP shares through open-market purchases after the business sale is completed.

The acquisition is part of a move to “disrupt and reinvent the $55 billion copier industry, a segment that hasn’t innovated in decades,” the company said in a press release.

Samsung’s printer business made $1.4bn in revenue last year and includes more than 6,500 printing patents as well as nearly 1,300 staff with expertise in laser printer technology.

Meanwhile, shares in Samsung fell 9% after it urged customers to hand in Galaxy Note 7 phones as they risk exploding.

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