Xerox agrees to acquire Global Imaging Systems

Xerox Corp., making its biggest acquisition in two decades, agreed to buy Global Imaging Systems Inc. for about $1.5 billion to reach more small-business customers.

Tampa, Fla.-based Global Imaging sells copiers and printers to small and mid-size companies. Stamford, Conn.-based Xerox, the world's largest maker of high-speed color printers, said the acquisition would bring it almost 200,000 new U.S. customers.

Shareholders of Global Imaging will receive $29 a share in cash, Xerox said. The offer is 49% more than the stock's Friday closing price of $19.50.