HP announced today that they have agreed to acquire Samsung Electronics’ printer business for $1.05 billion, in an effort “to disrupt and reinvent the $55 billion copier industry, a segment that hasn’t innovated in decades.”

According to HP’s press release, the integration of Samsung’s printer business products will allow for HP to create “a breakthrough portfolio of printing solutions with the industry’s best device, document, and data security.” The deal is expected to close within 12 months and, according to the press release, Samsung also agreed to make a $100 million to $300 million equity investment in HP through open-market purchases.

Dion Weisler, president and CEO of HP, said in the press release, “The acquisition of Samsung’s printer business allows us to deliver print innovation and create entirely new business opportunities with far better efficiency, security, and economics for customers.”

Through the acquisition, HP, “the market leader in the desktop-class printer segment,” also hopes to create new avenues for growth, in addition to strengthening their global laser printing services, which they began improving upon more than three decades ago in a partnership with Canon. Canon Inc.’s chairman and CEO Fujio Mitarai said in the press release, “This transaction will further evolve our collaboration and bring about growth for both of our companies.”

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