Xerox Holdings Corporation has officially completed its acquisition of Lexmark International,
Inc. from Ninestar Corporation, PAG Asia Capital, and Shanghai Shouda Investment Centre
in a transaction valued at $1.5 billion, including net debt and assumed liabilities. This
landmark deal marks a pivotal moment in Xerox’s strategic transformation and underscores
its commitment to delivering innovative workplace solutions in today’s evolving hybrid work
environment.
Steve Bandrowczak will continue as CEO of Xerox, leading a newly integrated executive
team comprised of top leaders from both Xerox and Lexmark. The merged leadership
structure is designed to foster faster innovation, greater operational scale, and a more robust
talent pool, helping the company capitalize on emerging opportunities in print technology and
IT services.
The combined organization now boasts of over 200,000 clients across more than 170
countries and 125 manufacturing and distribution facilities in 16 countries.
Xerox’s acquisition of Lexmark marks a defining moment in the evolution of the global
printing industry. Steve Bandrowczak, Chief Executive Officer at Xerox, emphasized the
long-standing respect his company has had for Lexmark’s reputation in print and managed
print services, as well as its solid client and partner base and global reach. Over the years,
the two companies cultivated a strong collaborative partnership, and with this acquisition,
Xerox is now poised to elevate its business to a new level. Bandrowczak highlighted that the
expanded portfolio of Print and Managed Print solutions will bring even greater value to
clients and partners, further advancing Xerox’s Reinvention strategy and reinforcing its path
toward sustained, profitable growth.
Allen Waugerman, who steps down as Lexmark’s President and CEO with the closing of the
deal, described the moment as a pivotal one for both companies. Reflecting on his tenure,
he called leading Lexmark an incredible opportunity and expressed optimism about the
milestones the combined entity will achieve in the future.
The acquisition catapults Xerox into the top five positions across all major print segments
and secures its leadership in managed print services. According to Bandrowczak, the
strategic move significantly strengthens Xerox’s core business by adding exposure to highgrowth
areas within the print industry, increasing manufacturing capabilities, and broadening
distribution networks. He noted that the deal also accelerates Xerox’s Reinvention efforts by
improving its revenue mix and enhancing long-term adjusted operating profit through
structural simplification.
By merging two complementary product portfolios and expanding their combined expertise,
Xerox is now better equipped to deliver innovative, end-to-end solutions across all
geographies and industries.
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