This is a major merger in the printing industry! Agfa-Gevaert and Electronics for Imaging (EFI) have reached a definitive agreement to combine Agfa Digital Printing Solutions (DPS) and EFI into a single company.
The new company will combine the two manufacturers' businesses in the areas of printing presses, inks, software, and workflows. A subsidiary of Siris, the investment fund that has owned EFI since 2019, will hold a 60% stake. Agfa will retain the remaining 40%.
The transaction is expected to be completed by the end of 2026, subject, among other things, to employee notification and consultation procedures, regulatory approvals, and customary closing conditions.
Total revenue of 540 million euros
EFI and Agfa DPS are expected to generate combined revenue of approximately 540 million euros in 2026, according to the companies. In 2025, this division of Agfa reported sales of 193 million euros. The new entity will serve several thousand customers in more than 100 countries.
The American manufacturer and the Belgian manufacturer hold strong positions in several industrial digital printing markets. In particular, EFI owns Nozomi in the corrugated cardboard sector, Vutek in the wide-format sector, and Reggiani in the textile sector.
Agfa DPS, which consolidates its industrial inkjet operations?now its only remaining printing-related activities?has a particularly strong presence in the display, decor, and packaging sectors, notably with its recently upgraded Jeti Tauro, Onset Panthera, and SpeedSet Orca platforms.
The merger also covers inks, software, workflows, and the sales and service networks of both manufacturers. Agfa has other businesses?which are not affected by the merger?in medical imaging, healthcare software, membranes for green hydrogen, and certain industrial applications.
From a Commercial Partnership to an Industrial Alliance
Agfa and EFI had already been working together since 2024. At that time, the two manufacturers had formed a global partnership to expand their respective offerings through the distribution of complementary technologies.
Two years later, they took their operations to a whole new level by directly merging their businesses. "Rather than continuing our operations independently, we have chosen to work with Siris to embark on the next phase of accelerated growth for our DPS business, while retaining a significant portion of the value for Agfa's stakeholders." , explains Pascal Juéry, CEO of Agfa-Gevaert.
For Frank Pennisi, CEO of EFI, this transaction is "a logical next step" of the partnership between the two groups and is intended to expand the range of solutions offered to customers.
Siris is also acquiring a stake in Agfa
The merger between EFI and Agfa DPS is accompanied by a second capital transaction.
Siris will acquire the 19.1% stake held by Active Ownership in Agfa-Gevaert. Siris will thus become both the majority shareholder of the new company combining the two inkjet businesses and a major shareholder of Agfa-Gevaert.
A New Balance in Digital Printing
With this merger, EFI and Agfa DPS are clearly entering a new league. Together, they will offer a range of solutions spanning large-format printing, textiles, corrugated cardboard, interior design, and packaging.
The transaction also comes after several years of EFI's refocusing on industrial inkjet printing. Since its acquisition by Siris in 2019, the group has divested several businesses, including its productivity software and Fiery.
The merger with Agfa DPS now provides the company with new product lines, new markets, and a stronger presence in Europe.
It remains to be seen how the two groups will coordinate their offerings in markets where their product lines may compete, particularly in the large-format segment.
