HP completes Samsung print acquisition to 'ignite print renaissance'

HP seals $1.05bn takeover and targets A3 printer market

HP Inc has completed its $1.05bn (£789m) acquisition of Samsung's printer business, which it claims gives it the strongest A3 printer portfolio on the market.

The deal, first announced in September 2016, sees 1,300 researchers and engineers join HP from Samsung - along with 6,500 printer patents.

Dion Weisler (pictured), CEO of HP Inc, said: "As we ignite a renaissance in printing, we're thrilled to bring together the industry's best and brightest talent.

"Together we will build on more than 30 years of print leadership to accelerate our strategy, disrupt new market opportunities, and provide our customers and partners with unique and highly innovative print solutions."

HP followed up the announcement last year with the launch of a new range of A3 printers in April, in a bid to disrupt a market largely dominated by traditional copier resellers.

The vendor claims that the A3 market is currently the biggest opportunity in the printer space, worth an estimated $55bn.

As part of the acquisition, Samsung will make an equity investment of between $100m and $300m in HP through open markets.

HP's share price has risen more than 45 per cent since the start of the year.