Lexmark (LXK) Gets CFIUS Approval for Apex Tech Deal

September 30, 2016 7:23 AM EDT

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(Updated - September 30, 2016 7:25 AM EDT)

Lexmark (NYSE: LXK) disclosed CFIUS approval for the Apex deal in an U.S. SEC filing on Friday:

Item 8.01 Other Events.

In connection with the pending acquisition of Lexmark International, Inc., a Delaware corporation (the “Company”), by a consortium of investors led by Apex Technology Co., Ltd. and PAG Asia Capital (the “Consortium”), the parties filed a joint voluntary notice under Section 721 of the Defense Production Act of 1950, as amended (“DPA”), with the Committee on Foreign Investment in the United States (“CFIUS”) that was accepted on July 15, 2016.

CFIUS conducted a statutorily mandated 30 day review, and an additional 45 day investigation, of the transaction. During the review and investigation, the Company and the Consortium provided CFIUS extensive information relating to the transaction and their respective businesses and operations. Following the review and investigation, CFIUS found that there are no unresolved national security issues associated with the Consortium’s proposed acquisition of the Company.

The Company and the Consortium today announced that they have received clearance from CFIUS to proceed with the proposed transaction.

As a precondition to CFIUS clearance of the transaction, CFIUS required that the Company and the Consortium enter into a National Security Agreement with the Departments of Defense and Homeland Security.

The merger remains subject to approval from China’s State Administration of Foreign Exchange (SAFE) and other customary closing conditions. The parties continue to expect the transaction to close in 2016.

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