HP Inc is set to acquire Samsung's printing business in a deal worth $1.05bn (£792bn).
HP claims the deal, which is the biggest print acquisition in its history, "creates a new avenue for growth and greater profitability" for partners who are looking to expand their managed print services businesses, and move from transactional to contractual business models.
Dion Weisler, CEO at HP Inc, said: "When we became a separate company just 10 months ago, it enabled us to become nimble and focus on accelerating growth and reinventing industries.
"We are doing this with 3D printing and the disruption of the $12tn traditional manufacturing industry, and now we are going after the $55bn copier space.
"The acquisition of Samsung's printer business allows us to deliver print innovation and create entirely new business opportunities with far better efficiency, security, and economics for customers."
The deal will also see Samsung invest between $100m and $300m in HP equity through open market purchases.
Dr Oh-Hyun Kwo, Samsung CEO, said: "HP Inc has been a valued partner and customer of Samsung.
"We can now leverage our combined capacity for innovation to further enhance the value of our relationship."
The acquisition is expected to close within 12 months and is subject to regulatory review.
Samsung's print business holds more than 6,500 print patents and has a workforce of nearly 1,300 employees.
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