American printer maker Lexmark has agreed to be bought by a consortium of companies, led by Chinese firm Apex Technology and private equity firm PAG Asia Capital.

The price has been set at $3.6 billion, which translates to roughly £2.5 billion or AU$4.6 billion, or $40.50 per share, all in cash.

Apex Technology makes inkjet and laser cartridge components. Lexmark said in a statement that it intends to remain headquartered in Lexington, Kentucky.

Lexmark says the merger should be completed in the second half of 2016, and notes that the deal is pending approval from its shareholders and the US Committee on Foreign Investment.

Lexmark offered no further comment.