Xerox rises after $1.5 bln deal to buy Lexmark

Xerox Holdings

23/12/2024 18:55

(Updates)
    ** Shares of office equipment maker Xerox Holdings  XRX.O 
rise 8.8% to $9.13
    ** XRX to buy printer maker Lexmark International from
Ninestar Corporation, PAG Asia Capital, and Shanghai Shouda
Investment Centre in a deal valued at $1.5 bln
    ** Deal to strengthen the Xerox core print portfolio and
build a broader global print and managed print services business
- XRX
    ** Co says the deal is expected to close in the second half
of 2025
    ** "We believe the benefits outweigh the risks and the
transaction is constructive for credit," brokerage J.P.Morgan
says
        ** XRX has had issues with the implementation of its
sales reorganization, and the integration of Lexmark will likely
require another round of that in order to achieve their targeted
synergies - brokerage
  
    ** Up to last close, stock down ~54% this year

 (Reporting by Jaspreet Singh in Bengaluru)
 ((Jaspreet.Singh@thomsonreuters.com ; https://twitter.com/i_jass))