UPDATE 2-Xerox exits Fujifilm venture with $2.3 bln stake sale to Japan partner [Reuters (UK)]
Xerox Holdings Corporation (XRX)
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Source: Reuters
Xerox exits Fujifilm venture with $2.3 billion stake sale to Japan partner - Reuters 3 Min Read TOKYO (Reuters) - Xerox Holdings Corp ( XRX.N ) will sell its 25% stake in Fuji Xerox, its joint venture with Fujifilm Holdings ( 4901.T ), for $2.3 billion, after investor activism scuppered a deal involving the two companies. Xerox, struggling with falling demand for office printing equipment, had agreed to a complex $6 billion deal that would have merged the U.S. brand into Fuji Xerox and given Fujifilm control. But Xerox scrapped the deal last year after lobbying by two of its main investors, Carl Icahn and Darwin Deason. It settled with them, handing control of the company to a new management, leading Fujifilm to sue for damages. The legal battle created uncertainty for the two firms that were seen as inextricably intertwined through the 57-year-old venture. The JV accounted for nearly half of Fujifilm’s revenue while Xerox no longer builds its own office copiers, instead relying m
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