Combined group to serve more than 200,000 clients globally.

 

Connecticut-based Xerox Holdings Corporation has completed its acquisition of Lexmark International, Inc. from Ninestar Corporation, PAG Asia Capital, and Shanghai Shouda Investment Centre for US $1.5 billion.

 

The transaction combines two major printing industry players, with the unified organisation now serving over 200,000 clients across more than 170 countries and operating 125 manufacturing and distribution facilities in 16 countries. 

 

Steve Bandrowczak will continue as CEO of Xerox, leading an executive team comprised of leaders from both companies. Allen Waugerman is stepping down as Lexmark’s president and CEO following the close of the deal.

 

"With the acquisition of Lexmark, Xerox now stands among the top five in every major print segment and is the market leader in managed print services," Bandrowczak said in a statement.

 

According to the press release statement, the combined entity will offer a broader portfolio of print and managed print solutions to clients and partners globally