ROCHESTER, NEW YORK—  Xerox Holdings Corporation completed its acquisition of Lexmark International, Inc. from Ninestar Corporation, PAG Asia Capital, and Shanghai Shouda Investment Centre. Valued at $1.5 billion inclusive of net debt and assumed liabilities. The acquisition formed part of Xerox’s ‘reinvention’ strategy, which has seen the company reduce its workforce, cut legacy machine production, focus on its digital and print services, release multiple new print products, and forge new partnerships. The Xerox said the completion of the deal “marks a significant milestone in the company’s strategic transformation and reinforces its commitment to delivering innovative workplace solutions in an evolving hybrid environment”. The acquisition was financed through a combination of cash on hand and debt financing. Xerox said it continues to expect the transaction to be accretive to 2025 adjusted earnings per share and free cash flow and result in a lower level of pro forma gross debt leverage.