Strategic Move Expands Portfolio and Reinforces Xerox’s Transformation in the Hybrid Workplace Era
NORWALK | Connecticut – July 2025 — Xerox Holdings Corporation (NASDAQ: XRX) has officially completed its acquisition of Lexmark International, Inc. from Ninestar Corporation, PAG Asia Capital, and Shanghai Shouda Investment Centre. Valued at $1.5 billion, the deal includes net debt and assumed liabilities and marks a significant milestone in Xerox’s ongoing reinvention as a leader in modern workplace solutions.
“We’ve long admired Lexmark’s strong reputation in print and managed print services, its robust client base, and its global reach,” said Steve Bandrowczak, CEO of Xerox. “Bringing our companies together unlocks new opportunities to deliver more value to clients and partners through an expanded portfolio, and it firmly positions us for long-term profitable growth.”
Outgoing Lexmark CEO Allen Waugerman, who will step down following the close, added: “Today is a pivotal moment for Xerox and Lexmark. Leading Lexmark has been an incredible opportunity, and I’m excited to see what this combined team will accomplish next.”
Bandrowczak will continue to lead Xerox as CEO, heading an executive team made up of leaders from both organizations. The combined company will serve over 200,000 clients in more than 170 countries, with 125 manufacturing and distribution facilities across 16 countries — strengthening its position as a top-five player in every major print segment and the market leader in managed print services.
“This transaction accelerates our Reinvention by strengthening our presence in high-growth areas, expanding manufacturing capacity, and broadening distribution,” Bandrowczak said. “Together, we’re better positioned than ever to deliver innovative, end-to-end solutions that drive our clients’ success worldwide.”
Transaction Details
The acquisition was funded through a mix of cash on hand and debt financing. Xerox expects the deal to be accretive to its 2025 adjusted earnings per share and free cash flow, with an anticipated $240 million in transaction-related cost synergies contributing over $1/share of additional EPS accretion by the end of the second year post-close.
Advisors: Jefferies LLC and Citi served as financial advisors to Xerox, with Ropes & Gray LLP and Willkie Farr & Gallagher LLP providing legal counsel. Morgan Stanley & Co. LLC advised Lexmark, Strait Capital Management advised Ninestar Corporation, and Dechert LLP and King & Wood Mallesons served as legal advisors for Lexmark and its previous shareholders.
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