Yes. Xerox completed its acquisition of Lexmark on July 1, 2025. The headline $1.5 billion value was not a cash-only purchase price: it included Lexmark’s net debt and other assumed liabilities. Xerox said the deal would expand its print equipment portfolio and managed print services business; its projected savings and earnings benefits remain company targets, not established results.
Did Xerox buy Lexmark, and when did the deal close?
Xerox agreed to acquire Lexmark from Ninestar Corporation, PAG Asia Capital and Shanghai Shouda Investment Centre in an announcement dated December 23, 2024. The acquisition closed on July 1, 2025, when Xerox acquired all issued and outstanding Lexmark equity securities, according to its SEC closing filing.
Was it a $1.5 billion cash purchase?
No. Xerox described the transaction as valued at $1.5 billion inclusive of assumed liabilities. Its closing filing specifies net debt and other assumed liabilities, so the headline figure should not be read as the amount Xerox paid in cash to Lexmark’s former owners. Xerox reiterated in March 2025 that the announced valuation included debt and other liabilities and that the deal terms remained accurate and unchanged.
Xerox’s third-quarter 2025 report later described approximately $811 million in cash consideration and the assumption of approximately $323 million of Lexmark debt. Those figures are disclosures about consideration, not an itemized reconciliation of the entire headline valuation. The SEC filing also lists related financing instruments at closing: an incremental term-loan borrowing of approximately $327.2 million, a $250 million offering of 13% senior notes due 2030, and the release of $400 million of 13.5% second-lien notes due 2031. These financing figures should not be added together as if they were separate components of the $1.5 billion transaction value.
#1 Best Overall
- SMALL: Compact printer fits almost anywhere (8. 7 x 14. 5 x 14. 3 inches / 222 x 368 x 363 millimeter).
Why did Xerox want Lexmark?
Xerox’s stated strategy was to combine Lexmark’s printers and multifunction printers with Xerox ConnectKey technology, digital services and print services. The company said the acquisition would broaden its equipment and supplies portfolio, strengthen its position in A4 color printing, create potential for growth in A3 equipment, and extend its geographic reach, including in APAC. Xerox also pointed to the opportunity to expand managed print services.
These are the buyer’s stated reasons for the acquisition, not an independent assessment of how the combined business will perform. Xerox CEO Steve Bandrowczak described the intended combination in the December 23, 2024 announcement: “Our acquisition of Lexmark will bring together two industry-leading companies with shared values, complementary strengths, and a deep commitment to advancing the print industry to create one stronger organization.”
Rank #2
- All In One Printer - Print, copy, scan and optional cloud fax.* Fast print speed and standard two-sided printing. Laser printer durable and designed to increase your efficiency.
- Wireless Printer - Print and share from any device with standard Wi-Fi. Mobile-friendly. USB and ethernet connectivity. Simplify your connection with the Lexmark Mobile Print app.
- Secure Office Printer - Built-in security that protects your information on the device, over the network and at all points in between.
- Durable A4 Printer - Designed for small business and built to last with a sturdy steel frame. Compact printer scanner copier all in one, perfect for the office.
- Sustainable Multifunction - Automatic two-sided printing; Ability to use up to 100% recycled paper; Free and easy supplies cartridge recycling.
What scale did Xerox say the combined company would have?
In its 2024 deal announcement, Xerox said the combined organization would serve more than 200,000 clients in 170 countries and have 125 manufacturing and distribution facilities in 16 countries. Xerox also characterized the combined companies as having a top-five global share in each of the entry, mid and production print markets. These are dated company claims from the announcement; they are not independently verified market-share measurements.
What savings and financial benefits did Xerox project?
Xerox projected more than $200 million in identified cost synergies to be realized within two years of closing, along with immediate earnings-per-share and free-cash-flow accretion. In its third-quarter 2025 report, Xerox said it continued to expect over $1 per share of accretion associated with the Lexmark transaction. These statements describe company expectations; they do not establish that the projected savings or accretion have been achieved.
Rank #3
- Compact color laser printer that has dimensions that can easily fit in most places with a tray capacity up to 250 pages, plus single-sheet feeder
- Wireless. Setup is fast and easy. Standard Wi-Fi makes it easy to print from mobile devices. USB and Ethernet connectivity also available. Mobile support via Lexmark mobile print app, Mopria, Air Print, and Google cloud Print
- Secure. Includes Lexmark’s full-spectrum security architecture keep your information safely The document, on the device, over the network and at all points in between. Recommended Monthly Page Volume: 600 - 2500 pages
- Output that works. Capable of printing up to 26 pages per minute, 1-GHz dual-core processor and 512 MB of memory and standard two-sided printing
- Rated Epeat Silver and energy Star Certified with Lexmark toner cartridge recycling available. That benefits the planet and your budget.
How was Xerox planning to fund the acquisition?
At announcement, Xerox said it expected to fund the transaction with cash on hand and committed debt financing. It also announced that it planned to reduce its annual dividend from $1 per share to 50 cents, beginning with the dividend it expected to declare in the first quarter of 2025. That was the plan stated in December 2024; it does not, by itself, establish Xerox’s current dividend policy.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.What remains uncertain about the deal’s results?
The closing and the transaction’s stated value are established in Xerox’s SEC filing, and its later quarterly report gives additional consideration and financing details. The cited company statements also document Xerox’s planned strategic benefits and financial targets. They do not provide a complete post-close record of realized synergies, integration milestones, changes in print revenue or the net cost of acquisition financing. Those outcomes should not be treated as proven by the deal announcement or by a continued forecast.
Quick Recap
Best Value
- Product Type: Printer
- Package Dimensions: 43.18 L X 43.18 W X 45.72 H (Centimeters)
- Package Weight: 17.599 Kilograms
- Country Of Origin: China
- Connectivity technology: Ethernet
Rank #4
- SMALL: Compact laser printer fits almost anywhere (8. 7 x 14. 5 x 14. 3 inches / 222 x 368 x 363 millimeter). Recommended Monthly Page Volume-800 - 8000 pages
- EASY TO USE: Plug it in and go. Setup is fast and easy. Standard Wi-Fi makes it easy to print from mobile devices.
- DURABLE: Steel frame and long-life imaging components mean it’s built to last.
- SUSTAINABLE: Two-sided printing is standard, and built-in energy-saving modes help support ratings of Epeat Silver and Energy star certified
- INTERACTIVE: Two-line display lets you configure, interact with, and monitor vital system information.
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