Lexmark International Inc. announced that it has agreed to be sold to a group of buyers including China-based Apex Technology Co. and Asia-focused PAG Asia Capital for $2.54 billion. Lexmark will be acquired for $40.50 per share in an all-cash transaction with an enterprise value of approximately $3.6 billion, net of cash. Legend Capital Management Co., Ltd. (Legend Capital) is also a member of the Consortium.

The transaction has been unanimously approved by Lexmark's board of directors and represents a 30 percent premium to Lexmark's undisturbed closing stock price on Oct. 21, 2015

The Consortium intends to maintain Lexmark's corporate headquarters in Lexington, Ky. Paul Rooke, chairman and chief executive officer of Lexmark, is expected to continue to lead Lexmark after the transaction closes.

Lexmark's two business groups, Imaging Solutions and Services and Enterprise Software, as well as the company's regional and country operations, are expected to continue unaffected.

The merger is expected to close in the second half of 2016.