HP has paid $118.4m (£59.6m) in cash to NUR, including £7.3m deposited in an escrow account.
The company has also withheld around £804,000 until final calculation of NUR's cash position at closing.
The acquisition, coupled with the new 15m shekel (£2.07m) site, is expected to more than double HP's current rate of wide-format kit production in the area.
The factory, which will be situated in the Caesarea industrial zone, will also create 100 new jobs for the area.
HP said that the factory would start out with 4,000sqm of production space, which could later be expanded on.
Yariv Avishar, vice president and general manager of large-format printing industrial solutions at HP Imaging and Printing Group Israel, said the site "will support the rapidly accelerating growth of the wide-format printing business in HP".
He said it will "provide key solutions for the production of new and core products to be launched in the future".
Avishar added that with the acquisition of NUR Macroprinters, "the production infrastructure in Israel will be able to support double or more of the present rate of printing production".
HP Israel currently employs 4,000 people with factories in Ness Ziona and Kiryat Gat.
HP to grow Israeli manufacturing as NUR buy completes
HP has completed its acquisition of Israeli wide-format printer manufacturer NUR Macroprinters and has confirmed plans to expand press production in Israel with a new 4,000sqm facility.
