Dechert Advises Lexmark International, Inc. and Its Investors in US$1.5 Billion Acquisition by Xerox Holdings Corporation

Dechert advised Lexmark International, Inc. (Lexmark) and its investors, Ninestar Corporation, PAG Asia Capital, and Shanghai Shouda Investment Centre, in Lexmark’s US$1.5 billion acquisition by Xerox Holdings Corporation (Xerox).

This acquisition will enhance Xerox's print portfolio and expand its global print and managed print services business to meet the evolving needs of clients in the hybrid workplace. By integrating Lexmark’s solutions with Xerox® ConnectKey® technology, the combined entity will offer a superior portfolio, serve over 200,000 clients in 170 countries, and operate 125 manufacturing and distribution facilities in 16 countries. It will also strengthen Xerox's presence in the A4 color market and diversify its geographic reach, including the APAC region.

Lexmark is a privately held company that provides innovative imaging solutions and technologies, including printers and imaging products. Xerox is a global company that offers digital and print document products and services.

 The transaction is expected to close in the second half of 2025.

The cross-border Dechert team was led by corporate partners Maria Tan Pedersen and Gregory A. Schernecke and included corporate associates David Good, Drew Singer, Rodrigo Rivera and Grace Canfield; antitrust partners Mike Cowie, Clemens Graf York von Wartenburg and Michael Okkonen with counsels Gregory P. Luib, Beverly J. Ang, and Brian Hanna; national security partners Jeremy B. Zucker and Hrishikesh N. Hari with associate Brooklynn Moore; global finance partners Soo-ah Nah and Eng-Lye Ong; tax partner Joshua Milgrim and associate Insung Kim; labor counsel Jeffrey Rubin and associate Julia Canzoneri; litigation partner Rick Horvath; employee benefits partner Kevin Kay and associate Tabitha Crosier; intellectual property partner Thomas Rayski and associate Spencer C. Joffrion; cybersecurity, privacy and AI associate Hilary Bonaccorsi; and real estate special counsel Francois Quintard-Morenas.

About Dechert

Dechert is a global law firm that advises asset managers, financial institutions and corporations on issues critical to managing their business and their capital – from high-stakes litigation to complex transactions and regulatory matters. We answer questions that seem unsolvable, develop deal structures that are new to the market and protect clients' rights in extreme situations. Our nearly 1,000 lawyers across 19 offices globally focus on the financial services, private equity, private credit, real estate, life sciences and technology sectors.