The "crown jewels" in the deal are Samsung's range of A3 laser MFPs, which HP intends to use to attack the US$55 billion copier market.
The Samsung MFPs provide the performance of copiers but with greater reliability and ease of use. They also have as few as seven replaceable parts, simplifying servicing requirements.
This is the largest print acquisition in HP's history, according to the company.
"When we became a separate company just 10 months ago, it enabled us to become nimble and focus on accelerating growth and reinventing industries," said HP president and chief executive Dion Weisler.
"We are doing this with 3D printing and the disruption of the US$12 trillion traditional manufacturing industry, and now we are going after the $55 billion copier space. The acquisition of Samsung's printer business allows us to deliver print innovation and create entirely new business opportunities with far better efficiency, security, and economics for customers."
The deal includes more than 6500 printing patents as well as Samsung's workforce of nearly 1300 researchers and engineers with advanced expertise in laser printer technology, imaging electronics, and printer supplies and accessories.
"HP Inc. has been a valued partner and customer of Samsung," said Dr. Oh-Hyun Kwon, vice chairman and CEO of Samsung Electronics. "We can now leverage our combined capacity for innovation to further enhance the value of our relationship."
The transaction is expected to close within 12 months, and will be followed by a US$100 to US$300 million open-market purchase of HP shares by Samsung.