{"id":65629,"date":"2025-07-03T13:16:52","date_gmt":"2025-07-03T20:16:52","guid":{"rendered":"http:\/\/www.enxmag.com\/twii\/?p=65629"},"modified":"2025-07-03T13:28:37","modified_gmt":"2025-07-03T20:28:37","slug":"xerox-completes-the-acquisition-of-lexmark-uniting-two-industry-leaders","status":"publish","type":"post","link":"https:\/\/www.enxmag.com\/twii\/feature-articles\/2025\/07\/xerox-completes-the-acquisition-of-lexmark-uniting-two-industry-leaders\/","title":{"rendered":"Done Deal: Xerox Completes Acquisition of Lexmark"},"content":{"rendered":"\n
\"\"
Steve Bandrowczak, Xerox CEO<\/figcaption><\/figure><\/div>\n\n\n\n

Xerox Holdings Corporation (NASDAQ: XRX) completed its acquisition of Lexmark International from Ninestar Corporation, PAG Asia Capital, and Shanghai Shouda Investment Centre on Tuesday. The transaction, valued at $1.5 billion inclusive of net debt and assumed liabilities, marks a significant milestone in the company\u2019s strategic transformation and reinforces its commitment to delivering innovative workplace solutions in an evolving hybrid environment.<\/p>\n\n\n\n

\u201cWe’ve long admired Lexmark\u2019s strong print and managed print services reputation, robust client and partner base, and global presence. Over the years, we\u2019ve built a collaborative partnership, and today, we take our business to the next level,\u201d said Steve Bandrowczak, CEO at Xerox. \u201cTogether, we will drive greater success for our clients and partners through a broader portfolio of print and managed print solutions, furthering our Reinvention and solidifying our path toward long-term profitable growth.\u201d<\/p>\n\n\n\n

\"\"
Allen Waugerman<\/figcaption><\/figure><\/div>\n\n\n\n

\u201cToday is a pivotal moment for Xerox and Lexmark as these two great companies combine to shape the future of the printing industry,\u201d said Allen Waugerman, who is stepping down as Lexmark president and CEO with this close. \u201cLeading Lexmark has been an incredible opportunity, and I look forward to the accomplishments that lie ahead.\u201d<\/p>\n\n\n\n

Bandrowczak will remain CEO of Xerox with an executive team comprised of Xerox and Lexmark leaders. The unified leadership team is structured to accelerate innovation and scale, leveraging the deep bench of talent from both companies.<\/p>\n\n\n\n

Clark Bugg, the colorful and effusive vice president of North America channels\/pitchman at the heart of Lexmark, confirmed he is still in the fold. Bugg, who in June celebrated 26 years with Lexmark, is excited to be a part of the combined organization and sees a bright future ahead.<\/p>\n\n\n\n

\"\"
Clark Bugg, Lexmark<\/figcaption><\/figure><\/div>\n\n\n\n

\u201cFor our customers and partners, it’s business as usual, with no immediate changes or disruption,\u201d he said. \u201cExisting Lexmark services, support, programs and roles\u2014including mine\u2014have not changed. Account reps are also staying the same for customers and partners.\u201d<\/p>\n\n\n\n

The combined organization will serve over 200,000 clients in over 170 countries and operate 125 manufacturing and distribution facilities in 16 countries.<\/p>\n\n\n\n

\u201cWith 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. This strategic combination strengthens our core business by adding exposure to growing parts of the print market, manufacturing capacity and expanding our distribution reach,\u201d said Bandrowczak. \u201cThe transaction accelerates our Reinvention by improving our mix of revenue from growing markets and further enabling long-term growth in adjusted operating profit through structural simplification. By uniting two complementary portfolios and deepening our capabilities, we\u2019re better equipped than ever to deliver innovative, end-to-end solutions that drive success for our clients across every geography and industry.\u201d<\/p>\n\n\n\n

Transaction Detail<\/strong><\/p>\n\n\n\n

The acquisition was financed through a combination of cash on hand and debt financing. The company continues to expect the transaction to be accretive to 2025 adjusted earnings per share and free cash flow and result in a lower level of pro forma gross debt leverage. Further, the company expects approximately $240 million of transaction-related cost synergies to contribute over $1\/share of additional adjusted EPS accretion by the end of the second year following the transaction close.<\/p>\n\n\n\n

Advisors<\/strong><\/p>\n\n\n\n

Jefferies LLC is serving as the financial advisor to Xerox and Citi is also providing financial advice. Ropes & Gray LLP and Willkie Farr & Gallagher LLP are serving as legal advisors to Xerox. Morgan Stanley & Co. LLC is serving as financial advisor to Lexmark and Strait Capital Management is serving as financial advisor to Ninestar Corporation. Dechert LLP is serving as legal advisor to Lexmark, as well as Ninestar Corporation, PAG Asia Capital and Shanghai Shouda Investment Centre and King & Wood Mallesons is serving as PRC counsel to Ninestar Corporation.<\/p>\n","protected":false},"excerpt":{"rendered":"

Xerox Holdings Corporation (NASDAQ: XRX) completed its acquisition of Lexmark International from Ninestar Corporation, PAG Asia Capital, and Shanghai Shouda Investment Centre on Tuesday. The transaction, valued at $1.5 billion inclusive of net debt and assumed liabilities, marks a significant milestone in the company\u2019s strategic transformation and reinforces its commitment to delivering innovative workplace solutions in an evolving hybrid environment. \u201cWe’ve long admired Lexmark\u2019s strong print and managed print services reputation, robust client and partner base, and global presence. Over the years, we\u2019ve built a collaborative partnership, and today, we take our business to the next level,\u201d said Steve Bandrowczak, CEO at Xerox. \u201cTogether, we will drive greater success for our clients and partners through a broader portfolio of print and managed print solutions, furthering our Reinvention and solidifying our path toward long-term profitable growth.\u201d \u201cToday is a pivotal moment for Xerox and Lexmark as these two great companies combine to shape the future of the printing industry,\u201d said Allen Waugerman, who is stepping down as Lexmark president and CEO with this close. \u201cLeading Lexmark has been an incredible opportunity, and I look forward to the accomplishments that lie ahead.\u201d Bandrowczak will remain CEO of Xerox with an executive team comprised of Xerox and Lexmark leaders. The unified leadership team is structured to accelerate innovation and scale, leveraging the deep bench of talent from both companies. Clark Bugg, the colorful and effusive vice president of North America channels\/pitchman at the heart of Lexmark, confirmed he is still in the fold. Bugg, who in June celebrated 26 years with Lexmark, is excited to be a part of the combined organization and sees a bright future ahead. \u201cFor our customers and partners, it’s business as usual, with no immediate changes or disruption,\u201d he said. \u201cExisting Lexmark services, support, programs and roles\u2014including mine\u2014have not changed. Account reps are also staying the same for customers and partners.\u201d The combined organization will serve over 200,000 clients in over 170 countries and operate 125 manufacturing and distribution facilities in 16 countries. \u201cWith 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. This strategic combination strengthens our core business by adding exposure to growing parts of the print market, manufacturing capacity and expanding our distribution reach,\u201d said Bandrowczak. \u201cThe transaction accelerates our Reinvention by improving our mix of revenue from growing markets and further enabling long-term growth in adjusted operating profit through structural simplification. By uniting two complementary portfolios and deepening our capabilities, we\u2019re better equipped than ever to deliver innovative, end-to-end solutions that drive success for our clients across every geography and industry.\u201d Transaction Detail The acquisition was financed through a combination of cash on hand and debt financing. The company continues to expect the transaction to be accretive to 2025 adjusted earnings per share and free cash flow and result in a lower level of pro forma gross debt leverage. Further, the company expects approximately $240 million of transaction-related cost synergies to contribute over $1\/share of additional adjusted EPS accretion by the end of the second year following the transaction close. Advisors Jefferies LLC is serving as the financial advisor to Xerox and Citi is also providing financial advice. Ropes & Gray LLP and Willkie Farr & Gallagher LLP are serving as legal advisors to Xerox. Morgan Stanley & Co. LLC is serving as financial advisor to Lexmark and Strait Capital Management is serving as financial advisor to Ninestar Corporation. Dechert LLP is serving as legal advisor to Lexmark, as well as Ninestar Corporation, PAG Asia Capital and Shanghai Shouda Investment Centre and King & Wood Mallesons is serving as PRC counsel to Ninestar Corporation.<\/p>\n","protected":false},"author":66,"featured_media":63234,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[1650,82,87,1638],"tags":[1727,362],"_links":{"self":[{"href":"https:\/\/www.enxmag.com\/twii\/wp-json\/wp\/v2\/posts\/65629"}],"collection":[{"href":"https:\/\/www.enxmag.com\/twii\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.enxmag.com\/twii\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.enxmag.com\/twii\/wp-json\/wp\/v2\/users\/66"}],"replies":[{"embeddable":true,"href":"https:\/\/www.enxmag.com\/twii\/wp-json\/wp\/v2\/comments?post=65629"}],"version-history":[{"count":3,"href":"https:\/\/www.enxmag.com\/twii\/wp-json\/wp\/v2\/posts\/65629\/revisions"}],"predecessor-version":[{"id":65633,"href":"https:\/\/www.enxmag.com\/twii\/wp-json\/wp\/v2\/posts\/65629\/revisions\/65633"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.enxmag.com\/twii\/wp-json\/wp\/v2\/media\/63234"}],"wp:attachment":[{"href":"https:\/\/www.enxmag.com\/twii\/wp-json\/wp\/v2\/media?parent=65629"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.enxmag.com\/twii\/wp-json\/wp\/v2\/categories?post=65629"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.enxmag.com\/twii\/wp-json\/wp\/v2\/tags?post=65629"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}