Printer and ink maker Lexmark International is being acquired and taken private.
The company said on Tuesday that a group of investors plans to acquire its business in an all-cash deal worth roughly $3.6 billion. China-based computer hardware company Apex Technology and investment management firm PAG Asia Capital are leading the deal with participation from Legend Capital Management.
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After the acquisition closes, which is expected in second half of 2016, Lexmark will part join the ranks of several other former public companies that recently went private including data analytics firm Informatica and cloud software company Cvent.
The acquisition is subject to approval by U.S. regulatory agencies including the Committee on Foreign Investment, which reviews foreign investment deals for possible national security risks. China and “certain other foreign jurisdictions” must approve the deal as well, the company said in an announcement.
The company’s shareholders will get $40.50 for each share they hold, Lexmark said. This represents a 16.8% premium with Lexmark’s shares at $34.66 at the close of the markets.
In October, Lexmark said it was exploring “strategic alternatives to enhance shareholder value.” Tuesday’s announcement came after Reuters reported earlier this month that Apex, which also makes ink cartridges, was interested in buying Lexmark.
The report said that Lexmark’s business had weakened amid a general decline in the personal computer and printing industry. In 2010, Fortune profiled Lexmark and asked whether the company was “the printing world’s most eligible bachelor,” or, in other words, likely to hitch up with a bigger suitor.
In recent years, Lexmark has made a big push into business software and digital document management services.
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Shares of Lexmark (lxk) rose nearly 12% in after-hours trading on Tuesday to $38.40.