Lexington, Kentucky-based Lexmark International, a manufacturer of laser printers and enterprise software serving a variety of industries, including retailers and sign manufacturers, announces that its acquisition by a consortium of investors, first announced in April 2016, is finished.
Under terms of the agreement, Lexmark shareholders received $40.50 per share in cash.
The investors were led by China-based Apex Technology Co. Ltd., which designs, manufactures, and markets inkjet and laserjet cartridge chips for remanufacturers and distributors; and PAG Asia Capital, an investment management firm. Legend Capital, which is also based in China, is part of the consortium also.
The transaction was approved by Lexmark shareholders and had to receive regulatory approval from the U.S., China and certain other foreign jurisdictions.
Lexmark’s headquarters will continue to be in Lexington. David Reeder, formerly Lexmark vice president and chief financial officer, will take over as CEO, succeeding Paul Rooke. Lexmark’s Enterprise Software group will be spun out of Lexmark and rebranded as Kofax. The goal, according to the consortium, is to eventually sell Kofax and focus on the core company’s growing imaging business, particularly in China and in the Asia-Pacific region.
“We are excited to have completed the transaction, which provides significant cash value to our shareholders, benefits our customers and provides new opportunities for our employees,” says Rooke, outgoing CEO. “I have had 25 fantastic years at Lexmark, the last six as chairman and chief executive officer. As the company enters its next phase, it is time for the next generation of leadership to continue the work to ensure Lexmark’s industry leadership.”
Lexmark was formed in 1991 as a spinoff from IBM and was listed on the New York Stock Exchange by 1995. With the acquisition, Lexmark’s shares are no longer traded on the NYSE.