April 20, 2016
A consortium led by Apex Technology Co. Ltd. and PAG Asia Capital, and including Legend Capital Management Co. Ltd., announced today a definitive merger agreement with global printing and imaging solutions provider Lexmark International.
The consortium has agreed to acquire Lexmark for $40.50 (€35.64) per share in an all-cash transaction with an enterprise value (including unfunded pension liabilities and disclosed restructuring costs) of approximately $4 billion (€3.5 billion).
Lexmark is a world renowned leader in printing, imaging and data solutions. The agreement will enable Lexmark to continue to focus on strategic initiatives it has embarked upon while substantially expanding its access to vast market opportunities in Asia.
“We are very excited for this strategic union between Lexmark and Apex. We believe it is most compelling as the two businesses are highly complementary to each other. Lexmark’s passion for excellence and unwavering commitments to customers, employees and communities represent a tremendous cultural fit for us,” said Jackson Wang, Apex Chairman.
“Apex has traditionally been successful in emerging markets and in cost-effective production. We are excited to work alongside Lexmark as they continue to invest in advanced technologies and solutions to best serve their customers and business partners, while simultaneously pursuing untapped opportunities in emerging markets particularly in Asia for future growth.”
“We are happy to partner with Apex for this strategic acquisition,” said Weijian Shan, Group Chairman and CEO of PAG. “With Apex’s knowledge in printers and PAG’s experience in buyouts, our consortium is a perfect combination and is uniquely positioned to work with Lexmark. We look forward to turning Lexmark into a market leader not only in the US but also in Asia.”
“Legend is fully confident in this landmark transaction,” said Xiangyu Ouyang, Managing Director of Legend. “As an investor specialising in the IT industry, Legend has worked closely with Chairman Wang’s team over the past decade. We have participated in and witnessed the thriving of Apex and we will continue to make constructive contributions to its development in the future.”
The transaction, which has been unanimously approved by Lexmark’s board of directors, is expected to close in the second half of 2016, subject to shareholder and regulatory approval.
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Categories : World Focus