Office equipment manufacturer Xerox has agreed to buy Chinese-owned printer and printing software maker Lexmark International in a $1.5 billion deal to expand its presence in Asian markets and better compete in an industry upended by the digital age.

Xerox has announced its acquisition of Lexmark for $1.5 billion, aiming to enhance its print portfolio and expand its global reach.

Xerox Holdings has struck a deal for Lexmark International that values the maker of printers and printing software at $1.5 billion, including debt.The detailsAn acquisition of closely held Lexmark was announced Monday,