The transaction is valued at $1,5 billion and with it, Xerox intends to serve over 200,000 clients in 170 countries.
While the Lexmark brand name will continue for an "undetermined amount of time," Xerox COO John Bruno told the Quocirca podcast earlier this year that the goal is to eventually operate fully under the Xerox name.
"Yes, our intent is to become Xerox—one organization—when it's all said and done. But we're going be thoughtful about doing it. If we have to make exceptions to that or think about that different by product or portfolio, we are very open to doing that doing that in combination," he said.
No immediate changes are expected at Lexmark sites, and the Lexington-based company is set to continue its presence in the city.
Lexmark President Allen Waugerman will be stepping down, however, with Xerox CEO Steve Bandrowczak leading the combined company.
"With the acquisition of Lexmark, Xerox now stands among the top five in every major print segment and is the market leader in managed print services. This strategic combination strengthens our core business by adding exposure to growing parts of the Print market, manufacturing capacity and expanding our distribution reach," said Bandrowczak.