HPQ HP Inc

   By Colin Kellaher 
 

HP Inc. (HPQ) on Wednesday said it signed a definitive agreement to buy Apogee Corp., a U.K.-based office-equipment dealer in a deal that values Apogee at about $500 million.

HP said Apogee is Europe's largest independent provider of print, outsourced services, and document and process technology.

Palo Alto, Calif-based HP has been investing in the $55 billion A3 copier market, including last year's acquisition of Samsung Electronics Co.'s (005930.SE) printer business in a deal valued at $1.05 billion.

"The Apogee acquisition extends HP's print leadership by boldly leveraging the industry shift to contractual sales as we aggressively pursue the A3 office market," HP said.

HP said Apogee is profitable, and that it expects to complete the acquisition by the end of the year.

Write to Colin Kellaher at colin.kellaher@wsj.com

(END) Dow Jones Newswires

August 01, 2018 08:36 ET (12:36 GMT)

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