Xerox to buy Global Imaging Systems for $1.5B

Cash deal pays a 33 percent premium on stock of regional printer, copier firm.


NEW YORK (CNNMoney.com) -- Xerox announced a deal Monday to acquire Global Imaging Systems for $1.5 billion.

Xerox (Charts), the Stamford, Conn.-based document and technology company, will acquire shares of the Tampa, Fla.-based regional printer, copier and presentation equipment seller and servicer in a cash deal that values the company's stock at $29 per share.

Global Imaging Systems' (Charts) stock closed at $19.50 on Friday, putting the premium at almost 33 percent. Shares rose more than 47 percent in premarket trade Monday morning.

"Joining forces with Global Imaging Systems gives Xerox access to their extensive customer base and adds more than 1,400 'feet on the street' selling Xerox systems," said Anne M. Mulcahy, Xerox chairman and CEO in a release.

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