Samsung to sell its printer business to HP for $1.05 billion

Samsung logo

Following rumors that made the rounds last week, Samsung has now confirmedthat it intends to sell its printer business to HP in a deal worth $1.05 billion.

Samsung’s board of directors approved the sale of its Printing Business Unit during a meeting in Seoul today, and a follow-up meeting with shareholders is scheduled for October. If given the go-ahead by shareholders, Samsung says it will spin off its printer business into a new standalone entity on November 1, with HP purchasing a 100 percent stake in the newly formed company. Samsung will then source its printers from HP and continue to market them under the Samsung brand in Korea.

Today’s news comes less than a year after the former Hewlett-Packard split into two entities — Hewlett Packard Enterprise and HP.

Continue reading “Samsung to sell its printer business to HP for $1.05 billion”