HP Inc. agreed to buy Samsung Electronics Co. ’s printer business for $1.05 billion, a deal designed to bolster the Silicon Valley company’s offerings in the market for high-volume devices that handle printing and copying for office work groups.

The companies estimate it will take one year to close, pending the usual regulatory scrutiny, and, upon doing so, Samsung will make a reciprocal investment of between $100 million and $300 million into HP’s business.

Samsung’s printer divisions employs around 6,000 people — around 1,300 of whom are in R&D — with 50 sales offices across the world and a production base that is located in China. In addition to that business, which recorded nearly $1.8 billion in revenue last year, HP will also get its hands on a “compelling” portfolio of around 6,500 printing patents.

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