Lexmark finds Chinese buyer for $US4B

A Chinese consortium led by Apex Technology, which manufactures ink cartridge chips, has agreed to acquire Lexmark for approximately US$4 billion in cash

Lexmark was spun off from IBM in 1991, and now offers a full suite of capture, enterprise content management and workflow solutions, following acquisitions such as Perceptive Software, ReadSoft and Brainware.

In 2015, Lexmark announced its biggest-ever acquisition, paying $US1 billion to buy Kofax, a move that doubled the size of the company's enterprise software business.

The Chinese buyout, which is expected to close in the second half of 2016, is subject to regulatory approvals in the United States, including by the Committee on Foreign Investment in the United States, or CFIUS.

Last October, Lexmark said it was exploring “strategic alternatives to enhance shareholder value.” 

Lexmark’s CEO Paul Rooke said, “With the consortium’s resources, we will be able to continue to invest in and grow the business to more fully penetrate the Asia Pacific market for hardware, software, and managed print services,” he added.

Lexmark said its two business groups, as well as the company’s regional and country operations, will continue unaffected and its headquarters will remain in Lexington, Kentucky.