Canon will be buying Océ, the biggest European printer company for $1.09 billion according to an announcement that the two companies made on Monday. Canon will be buying the company based on $12.88 per share. This is a 70% premium than Océ’s stock price on Friday.

“The printing industry currently is in a period of consolidation,” stated the two companies, “driven by the undeniable fact that scale is increasingly important, especially in R&D and manufacturing.”