Lexmark International has announced the successful completion of the acquisition by a consortium of investors (Consortium) led by China’s Apex Technology and PAG Asia Capital (PAG). Under the terms of the merger agreement, which was announced on April 19, 2016, Lexmark shareholders will receive $HS40.50 per share in cash

The completion of the transaction follows the receipt of all the necessary approvals, including approval by Lexmark shareholders, regulatory approvals in the U.S., including the Committee on Foreign Investment, China and certain other foreign jurisdictions, and other customary closing conditions. 

The Consortium will maintain Lexmark's corporate headquarters in Lexington, Kentucky. Lexmark employs 13,000 people worldwide.

David Reeder, formerly Lexmark vice president and chief financial officer, has been named the company's new president and chief executive officer, succeeding Paul Rooke. 

Lexmark's Enterprise Software group will be separated from Lexmark and rebranded to Kofax. The Consortium and Lexmark will engage in a process to sell the business while focusing on growing the imaging business, particularly in China and the Asia-Pacific region. 

Lexmark common stock (NYSE: LXK) has ceased trading on the New York Stock Exchange.

"I'm incredibly excited about Lexmark's future," said David Reeder, Lexmark's new president and chief executive officer. "Lexmark has employees across the globe who are truly passionate about technology and helping customers better manage their imaging and output needs.

"We are now uniquely positioned to grow the company in China and greater Asia, along with continuing to deliver industry-leading products and services to customers in other regions of the world. I'm honoured to lead Lexmark into its next phase of opportunities and growth," Reeder added.