Tech giant HP on Monday announced its acquisition of Samsung's printer business in a deal valued at $1.05 billion.

HP said it is investing to disrupt this category by replacing copiers with superior multifunction printer (MFP) technology.

Samsung has built a large portfolio of A3 multi function printers that deliver the performance of copiers. Integrating the Samsung printer business’ products, including their mobile-first and cloud-first user experience, with HP’s PageWide technologies will create a breakthrough portfolio of printing solutions with the industry’s best device, document, and data security, HP said in a statement.

This is the largest print acquisition in HP’s history and accelerates its growth opportunities in the copier segment, and help them compete with Canon.

“When we became a separate company just 10 months ago, it enabled us to become nimble and focus on accelerating growth and reinventing industries,” said Dion Weisler, president and CEO of HP. “We are doing this with 3D printing and the disruption of the $12 trillion traditional manufacturing industry, and now we are going after the $55 billion copier space. 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.”

Samsung’s printer business also brings a compelling intellectual property portfolio of more than 6,500 printing patents and a world-class workforce that includes nearly 1,300 researchers and engineers with advanced expertise in laser printer technology, imaging electronics, and printer supplies and accessories to support continued innovation in print market solutions.

“HP Inc. has been a valued partner and customer of Samsung,” said Dr. Oh-Hyun Kwon, vice chairman and CEO of Samsung Electronics Co., Ltd. “We can now leverage our combined capacity for innovation to further enhance the value of our relationship."

Acquiring Samsung’s printer business will also strengthen HP’s ability to service customers in global laser printing, a category where it has enjoyed a strong partnership with Canon for more than three decades.

“HP and Canon have long discussed print innovation to create customer value in business printing and in the growing MPS market,” said Fujio Mitarai, chairman and CEO of Canon Inc. “This transaction will further evolve our collaboration and bring about growth for both of our companies.”

The transaction is expected to close within 12 months post which Samsung has agreed to make a $100 million to $300 million equity investment in HP through open market purchases.

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