December 24, 2024
Willkie is advising Xerox on financing and other corporate aspects in its agreement to acquire Lexmark.
On December 23, Xerox Holdings Corporation (NASDAQ: XRX) announced it has agreed to acquire Lexmark International, Inc., from Ninestar Corporation, PAG Asia Capital, and Shanghai Shouda Investment Centre in a deal valued at $1.5 billion, inclusive of assumed liabilities. This acquisition is expected to strengthen the Xerox core print portfolio and build a broader global print and managed print services business to meet evolving client needs in the hybrid workplace.
Lexmark, based in Lexington, Ky., is a provider of innovative imaging solutions and technologies including best-in-class printers and multifunction printers. The acquisition combines Lexmark’s solutions with Xerox® ConnectKey® technology and advanced Print and Digital Services and is expected to strengthen Xerox’s ability to serve clients in the large, growing A4 color market and diversify its distribution and geographic presence, including the APAC region.
Xerox expects to finance the acquisition with a combination of cash on hand and committed debt financing.
The transaction is subject to regulatory approvals, approval of Ninestar’s shareholders, and other customary closing conditions and is expected to close in the second half of 2025.
Xerox is a leader in office and production print technology. Xerox continues its legacy of innovation to deliver client-centric and digitally driven technology solutions and meet the needs of today’s global, distributed workforce.
The Willkie team is comprised of partners Joshua Deason and Jason Pearl, who are co-leading the financing aspects, and John Ablan, Sean Ewen and Russell Leaf, who are leading the capital markets and other corporate aspects of the deal.
