Xerox to Be Absorbed by Joint Venture With Fujifilm

Xerox company is seen on a building in Minsk Belarus

Xerox Corp. reached a deal with Fujifilm Holdings Corp. that would cede control of the US corporate giant to the Japanese company after pressure from activist investor Carl Icahn to shake up a venture operated by the two companies. The combined company will have dual headquarters in Norwalk, Connecticut, where Xerox is based, and in Tokyo. Current Xerox CEO Jeff Jacobson will continue lead the company, while Fujifilm CEO Shigetaka Komori will serve as chairman.

New Fuji Xerox will become the largest document solutions company in the world in revenue size, and by deploying its operations worldwide with a uniform management strategy, New Fuji Xerox will realize further acceleration of business growth and new value creation for customers.

This proposed combination provides Xerox shareholders with cash at closing, as well as a substantial interest in the significantly enhanced combined company.

Xerox and Fujifilm formed their joint venture more than 50 years ago.

The combined company will be named "Fuji Xerox", but maintain its "Xerox" and "Fuji Xerox" brands within respective operating regions.

Fuji Xerox has been struggling as the world moves toward paperless offices.

The companies said they intend to expand in lucrative business areas such as high-speed inkjet commercial and industrial printing, using Fujifilm's technologies.

Through restructuring and other reforms, the companies expect to save $1.7 billion a year by 2022. "It's going to be a big year for apps and partners building on Xerox's app platform".

Xerox has been targeted by activist investor Carl Icahn and shareholder Darwin Deason, who joined forces last week to push Xerox to explore strategic options, oust its "old guard", including its CEO, and negotiate better terms for its decades-long deal with Fujifilm. Five independent directors will be appointed from the Xerox Board.

At the end of the transaction, the shareholders of Xerox would hold slightly less than half of the new entity, according to WSJ, citing sources close to the case.

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