Office equipment manufacturer Xerox has agreed to buy Chinese-owned printer and printing software maker Lexmark International in a $1.5 billion deal to expand its presence in Asian markets and better compete in an industry upended by the digital age.

Xerox Holdings has struck a deal for Lexmark International that values the maker of printers and printing software at $1.5 billion, including debt.The detailsAn acquisition of closely held Lexmark was announced Monday,

Xerox has announced plans to acquire printing giant Lexmark for $1.5 billion, with the deal expected to close in the second half of next year. The acquisition aims to strengthen Xerox’s print portfolio and enhance its ability to meet hybrid workplace demands.