HP Inc. , maker of printers and personal computers, on Wednesday said it completed its purchase of Samsung Electronics' printer business in a deal valued at $1.05 billion.
The acquisition will expand HP's portfolio and help to disrupt the $55 billion A3 copier market with multi-function printers that are simple to use but have the same high performance level as that of copiers, the company said.
"As we ignite a renaissance in printing, we're thrilled to bring together the industry's best and brightest talent," Dion Weisler, president and CEO at HP, said in a statement. "Together, we will build 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."
The acquisition was first announced in September last year.
As part of the deal, HP will also have access to more than 6,500 print patents from Samsung and a workforce of nearly 1,300 researchers and engineers that are experts in laser technology, imaging electronics and supplies and accessories.
Samsung, as part of the agreement, will make a $100 million to $300 million equity investment in HP through open market purchases.
Meanwhile, the PC and printer maker is also looking at 3-D printing as a potential growth area. Weisler told CNBC's Jim Cramer last month that HP got into 3-D printing to get ahead of the inevitable manufacturing disruption.
HP said Wednesday it will provide financial guidance on its fourth-quarter earnings call. Previously, executives at the company said they are cautiously optimistic heading into next year.