According to Samsung, its printer business employs 6,000 people and includes production facilities in China and 50 sales offices globally. It had revenues of two trillion Korean won ($1.8bn) in 2015. HP has agreed to acquire a 100 percent stake in the spun-out unit, as well as its overseas assets.
Samsung said it will continue to sell printers in Korea under the Samsung brand, although they will be sourced from HP.
HP said that Samsung will make an equity investment in HP of $100m to $300m through open-market purchases.
HP will also be gaining 6,500 printing patents. It said that 1,300 of the 6,000 employees include researchers and engineers with experience in laser printing, imaging electronics, and printer supplies and accessories.
The company said Samsung's printer business will also allow it to have an impact in the copier segment, which HP describes as technologically stagnant but nevertheless worth $55bn.
HP will aim to replace outdated copiers in the enterprise with multifunction printers (MFPs) that will soon include Samsung's portfolio of A3 MFPs.
According to May figures from analyst IDC, in the first quarter 2016 the worldwide hard-copy peripherals market decreased 10.6 percent compared with a year ago.
HP had a 36 percent share of 23 million units sold in the quarter. Samsung, the fifth largest vendor, had a four percent share, and experienced the largest year-on-year declines in the market.
HP's printer and PC business has faced weak demand in recent times. In August it reported that printer revenues had fallen 14.3 percent year-on-year, dragging down overall performance in its third quarter. Printer unit sales were down two percent in the enterprise and down 14 percent in the consumer area.
"When we became a separate company just 10 months ago, it enabled us to become nimble and focus on accelerating growth and reinventing industries," HP president and CEO Dion Weisler said in a statement.
"We are doing this with 3D printing and the disruption of the $12tn traditional manufacturing industry, and now we are going after the $55bn copier space. The acquisition of Samsung's printer business allows us to deliver print innovation and create entirely new business opportunities with far better efficiency, security, and economics for customers," he added.
The deal is expected to close within one year, pending regulatory and shareholder approval.