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 Corp. today announced plans to buy Lexmark International Inc., one of its main competitors in the printer market, for $1.53 billion. The company plans to finance the deal with a combination of cash and debt financing. It’s buying Lexmark from Ninestar Corp., PAG Asia Capital and Shanghai Shouda Investment Centre.

Xerox will buy printer maker Lexmark International, one of the Norwalk company’s suppliers, in a $1.5 billion deal. It will acquire the company from its current owners, China’s Ninestar Corp., PAG Asia Capital,

Xerox Holdings is nearing a deal for Lexmark International that values the maker of printers and printing software at $1.5 billion, including debt, the Wall Street Journal reported on Monday. An acquisition of closely held Lexmark is expected to be announced Monday morning,

Xerox To Buy Lexmark