In a major move by the Japanese imaging giant, Canon has announced its intentions to buy Netherlands-based Océ in a deal worth 730 million Euros. The all-cash offer involves Canon buying all outstanding shares of Océ at a 70 percent premium over the stock’s closing price on Friday.
“We are delighted to welcome Océ, the ideal partner in every respect, into the Canon Group,” said Canon’s President and COO Tsuneji Uchida. “Through the merger of Canon and Océ, we believe that we will be able to realize clear benefits, not only in the area of R&D, but also in terms of product mix and marketing and are confident that this winning combination will contribute greatly to our goal of becoming the overall number-one presence in the printing industry.”
Following the merger, Océ will operate as a division within Canon, but will still be headquartered in Venlo, The Netherlands. Océ’s office products will be integrated into Canon’s Office Imaging Products. Canon’s large format offerings, conversely, will be integrated into the Océ Production Printing Division over time. The two companies estimate it will take three years to fully integrate their various assets.
Canon employs over 170,000 employees worldwide whereas Océ employs over 22,000 in 90 countries.