Lexmark to Be Sold for Enterprise Value of $3.6 Billion, or $40.50/Share -- Update

By Josh Beckerman

Lexmark International Inc. has struck a deal to be sold to buyers including China-based Apex Technology Co. and Asia-focused PAG Asia Capital, in a transaction with an enterprise value of about $3.6 billion.

The Wall Street Journal reported in October that the maker of printers, enterprise software and hardware was exploring alternatives including a possible sale.

Chinese buyers have been active in overseas deal activity this year, a trend analysts have attributed to factors including a slowing Chinese company and a weakening yuan.

Technology distributor Ingram Micro Inc. agreed to a $6 billion offer from a unit of Chinese conglomerate HNA Group, while China National Chemical Corp. reached a $43 billion deal for Swiss agriculture firm Syngenta AG.

Lexmark shares were up 12% in late trading to $38.97. The deal is worth $40.50 a share.

The consortium also includes Legend Capital, the venture-capital arm of China-based Legend Holdings.

Apex makes inkjet and laser cartridge components.

PAG Asia Capital is the private-equity business of PAG, an investment firm that also has real estate and absolute return strategies.

Write to Josh Beckerman at josh.beckerman@wsj.com

(END) Dow Jones Newswires

April 19, 2016 19:20 ET (23:20 GMT)

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