Siris to Take 19.1% of Agfa-Gevaert From Active Ownership

Agfa-Gevaert said Monday that Siris Capital Group has signed a strategic investment to acquire the 19.1 percent stake in the Belgian imaging company held by Active Ownership, its largest shareholder, with terms undisclosed and the deal contingent on closing the combination of Agfa's digital printing business with Siris portfolio company Electronics for Imaging.

A stake that rides on the printing deal

Agfa disclosed the agreement in a Monday morning announcement from its Mortsel headquarters, classified as regulated information containing inside information — meaning it was material enough to require immediate disclosure.

Under the signed agreement, affiliates of Siris will acquire the 19.1 percent holding currently owned by Active Ownership, with the terms of the transaction not disclosed.

The purchase is explicitly conditioned on the closing of the previously announced agreement to combine Agfa's Digital Printing Solutions business with Electronics for Imaging, a Siris portfolio company — which is itself subject to customary regulatory approvals and closing conditions.

Sixty-forty on the presses

The equity check is the industrial logic behind the inkjet pairing: Siris will hold 60 percent of the combined printing venture and Agfa 40 percent, with the two acting as equal partners under the governance structure, according to Reuters.

The combination joins Electronics for Imaging's packaging and textile presses with Agfa's display graphics and decor portfolio, and the merged business is expected to generate around 540 million euros in pro forma revenue in 2026, Reuters reported.

Closing is expected by the end of the year, subject to regulatory approvals and customary closing conditions.

From deal partner to shareholder

Siris has owned Electronics for Imaging since 2019, according to deal adviser DC Advisory, and has deployed more than 9 billion dollars of equity capital since its founding, Agfa's release says.

'We are excited to deepen our partnership with Agfa and to serve as a constructive shareholder as the company continues to invest in its growth businesses and build on the transformation underway across the company,' said Frank Baker, Siris's co-founder and managing partner.

Buying Active Ownership's full holding puts Siris in the slot of Agfa's largest shareholder — a perch from which that constructive-shareholder language gets tested.

What Siris is really buying

Agfa is more than a printing company: the group says it has nearly 160 years of history developing imaging systems for the healthcare sector, the printing industry, the green hydrogen industry and other industrial applications, and it reported turnover of 1.086 billion euros in 2025.

Siris's own announcement pointed in particular at Agfa's healthcare information technology business, which it said is accelerating a shift to cloud and software-as-a-service delivery, with double-digit recurring revenue growth targets and three 2026 industry awards.

Two facts stay private: the price, which neither side disclosed, and the timing of the actual ownership change — the stake purchase cannot close until the printing combination does, and that deal still needs regulatory clearance.

With both transactions expected to close by year-end, the next hard evidence of how Siris's partnership rhetoric translates into ownership will come when the shares actually change hands.