Canon to sell all of its digital camera business to Chinese company for $1.1 billion

By David R. McWhorter and Mark B. ShiffmanBloombergNewsAugust 18, 2018 08:31:52A digital camera maker is betting big on a Chinese e-commerce company that hopes to tap into its growing popularity in emerging markets and the rising costs of buying and selling goods online.

The acquisition by Canon Inc. is the largest in Canon’s history, said Michael N. Oren, a Canon spokesman.

The deal is worth about $1 billion, with revenue from digital cameras and lenses and equipment expected to increase about 50 percent, he said.

Novo, a Chinese-based company, is the second-largest digital camera manufacturer after Nikon Corp.

NovaOptics, a California company, will also buy Canon, Novell Inc. and Sigma Microelectronics, Oren said.

It will keep about half of its headquarters in San Jose, California, the company said.

The deal, which is not subject to regulatory approval, follows the consolidation of a slew of digital camera makers by Lenovo Group Holding Ltd.

of China.

The combined company will sell more than 200 million cameras and 35 million lenses annually, according to a statement.

Canon will retain a small percentage of the company’s revenue, the statement said.

What to expect from Canon’s new Photo Wall product

The Canon Photo Wall is Canon’s newest photo wall product.

It is the first product to launch in the new Canon Photo Studio product family, which is designed to make photo editing a breeze for anyone who wants to make great photos.

The Canon Photo Walls can produce images that are in full resolution at 25 megapixels and resolutions up to 25,000 dots per inch (DPI).

Canon says they can also produce images in an aspect ratio of 16:9, and they are capable of producing images with color that’s more vibrant and vibrant-looking than those available on most consumer cameras.

In addition, the Canon Photo walls are capable to produce images with an aspect ratios up to 1.8:1.

Canon says the new Photo Walls will allow photographers to produce high quality prints in a fraction of the time it would normally take.

The new products will be available to the public in late August.