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HP is buying Samsung’s printer business for $1 billion

The deal will see the computer maker buy Samsung’s printer biz in hopes of leveraging the South Korean’s portfolio of multifunction printers to spur innovation in the industry, according to a press release from HP announcing the deal:

The acquisition positions HP to disrupt and reinvent the $55 billion copier industry, a segment that hasn’t innovated in decades. Copiers are outdated, complicated machines with dozens of replaceable parts requiring inefficient service and maintenance agreements. Customers are frequently frustrated with the number of visits needed to keep copier machines functioning. Today, HP is investing to disrupt this category by replacing copiers with superior multifunction printer (MFP) technology.

The deal is expected to close in the next 12 months pending regulatory approval.MG