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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Ingram Micro Inc. (delisted) | NYSE:IM | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 38.89 | 0 | 01:00:00 |
By Josh Beckerman
Lexmark International Inc. agreed to be sold to a group of buyers including China-based Apex Technology Co. and Asia-focused PAG Asia Capital for $2.54 billion.
The companies said the deal -- which pays Lexmark $40.50 a share, a 17% premium to the closing price Tuesday -- had an enterprise value of about $3.6 billion when including Lexmark's debt.
The Wall Street Journal reported in October that the maker of printers, enterprise software and hardware was exploring alternatives including a possible sale. The deal provides a 30% premium to the closing price on the day before the Journal report.
Chinese buyers have been active in overseas deal activity this year. Analysts have attributed the trend to factors including a slowing Chinese company, and a weakening yuan that may be spurring deals before a further decline reduces buying power.
Technology distributor Ingram Micro Inc. agreed to a $6 billion offer from a unit of Chinese conglomerate HNA Group, while China National Chemical Corp. reached a $43 billion deal for Swiss agriculture firm Syngenta AG.
Lexmark shares were up 12% in late trading to $38.97.
The consortium also includes Legend Capital, the venture-capital arm of China-based Legend Holdings.
Apex makes inkjet and laser cartridge components.
PAG Asia Capital is the private-equity business of PAG, an investment firm that also has real estate and absolute return strategies.
Lexmark, which posted $3.55 billion of revenue last year, has gone on an acquisition spree, snapping up a number of software assets, to lessen its dependence on the fiercely competitive printing business and move more toward services and software.
The company, like others in the technology industry, has spent years wrestling with a maturing hardware market.
In February, it said it would eliminate about 550 jobs over 12 months, around 4% of its workforce.
On Tuesday, Lexmark said "this is an exciting transaction" that the board "believes is in the best interests of our shareholders following an exhaustive strategic alternatives review process to maximize value."
Lexmark will remain in Lexington, Ky., and Chairman and Chief Executive Paul Rooke is expected to continue leading Lexmark after the deal closes.
The sale is expected to close during second half of the year. It is subject to regulatory approvals including the Committee on Foreign Investment.
Lexmark was International Business Machine Corp.'s low-end desktop printing division before the business was sold to buyout firm Clayton Dubilier & Rice in 1991.
Write to Josh Beckerman at josh.beckerman@wsj.com
(END) Dow Jones Newswires
April 19, 2016 20:21 ET (00:21 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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