Taylor Corp. of North Mankato, Minn., on Wednesday acquired the assets of Standard Register Co., an Ohio communication services firm, for more than $307 million.

The deal was approved by U.S. Bankruptcy Judge Brendan Shannon after a bankruptcy auction in which Taylor Corp. negotiated a deal with the previous top bidder for the company, which had 2013 revenue of $719 million.

Standard Register, which has 3,500 employees, gives the North Mankato company product lines that include printed forms and communications services in the fields of health care, commercial business, financial services and industrial markets.

"While Standard Register has encountered financial challenges, I have no doubt its best days are ahead," said Deb Taylor, Taylor Corp.'s CEO. "Together we'll have the scale and talent we need to pursue new market opportunities through a broader range of technology offerings, products and services."

It was not immediately clear if Taylor Corp. would continue Standard Register's operations in Dayton, Ohio, or consolidate all or portions of the acquisition with Taylor's existing companies. However, Deb Taylor did say that Taylor Corp. would be adding Standard Register's employees to its workforce.

Taylor Corp. is the holding company for the diversified portfolio of billionaire businessman Glen Taylor, who also owns the Minnesota Timberwolves and Lynx professional basketball teams and the Star Tribune.

Taylor Corp. has more than 80 subsidiaries and 9,000 workers. It provides graphics and communications support in some of the same sectors as Standard Register, including financial services and health care. It also has clients in the automotive, insurance and retail sectors.

Standard Register filed for Chapter 11 bankruptcy protection last March and immediately announced its sale to Silver Point Capital, a Connecticut-based hedge fund that already had an ownership stake in the company, for $275 million.

Taylor Corp. subsequently negotiated a deal with Silver Point to pay $2 million over its bid, according to court filings.

Standard Register, which was founded in 1912, has printing facilities and distribution centers across the United States and in Mexico.

On its website, Standard Register said its services "improve the way our customers communicate with and serve their customers, employees and stakeholders." The company said its goal is to enhance the reputations of its corporate clients.

Final approval of the sale is subject to resolution of outstanding objections by various creditors and the settlement of a complaint filed against Silver Point by Standard Register's official creditors committee.

Taylor Corp. said the deal is expected to close in 45 to 60 days.

The Associated Press contributed to this report.