HP to buy Samsung's printer business for $1.05B

HP Inc. says it has reached a deal with Samsung to acquire the electronics giant's printer business for $1.05 billion.

In a statement released Monday, HP Inc. says the deal -- the largest print acquisition in company history -- is expected to close within 12 months.

"The acquisition of Samsung’s printer business allows us to deliver print innovation and create entirely new business opportunities with far better efficiency, security, and economics for customers," said HP president and CEO Dion Weisler in a statement.

The Samsung deal would give HP access to 6,500 printing patents as well as 1,300 researchers and engineers "with advanced expertise in laser printer technology."

The deal arrives during a tumultuous time for Samsung, as they navigate a recall of its Galaxy Note 7 smartphones over issues with batteries catching fire and exploding. On Friday, the U.S. Consumer Product Safety Commission urged owners to stop using the smartphone. The agency is working with Samsung on how to get new smartphones in the hands of owners.

Shares of Samsung were down nearly 7% on the Korean markets.

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