Lexmark International, Inc. -- Moody's affirms Lexmark's Baa3 senior unsecured rating on acquisition announcement

New York, May 07, 2014 -- Moody's Investors Service ("Moody's") has affirmed Lexmark International Inc.'s ("Lexmark") Baa3 senior unsecured rating, following the company's announcement that it has commenced a tender offer to acquire ReadSoft AB for about $182 million, net of cash. Although the acquisition size is relatively modest and will be funded largely with offshore cash, Moody's notes that Lexmark has made over $900 million of acquisitions (including the pending ReadSoft acquisition) over the last four years to diversify its revenues away from its historic dependence on distributed printing and imaging hardware to grow its software and enterprise content management business. Moody's views the pending acquisition as strategically sound to broaden the geographic and product reach of its Perceptive Software portfolio, and the rating agency expects the software segment to be a greater contributor to revenue and operating income growth in the future. The rating outlook is stable.

Vollständigen Artikel bei Moodys lesen