Fujifilm is Going to Take Over Xerox in $6.1 Billion Deal

Credit Emily Hunt  for WXXI News

Tokyo-based Fujifilm will ultimately end up owning 50.1 percent of the combined entity, which expands the joint venture to encompass all of Xerox's operations.

Xerox shares would continue to trade following the transaction. (NYSE:XRX) to combine the company and their longstanding Fuji Xerox joint venture, after pressure from activist investor Carl Icahn about the JV.

Xerox shares were up 3.3 percent to $33.75 in early trading in New York Wednesday. "We believe Fujifilm's track record of advancing technology in innovative imaging and information solutions - especially in inkjet, imaging, and AI areas - will be important components of the success of the new Fuji Xerox". "If they're smart, Fuji will reduce headcount at Xerox Headquarters in Stamford".

The takeover bargain comes not as much as a year after Fujifilm conceded disgraceful bookkeeping norms at Fuji Xerox, yet Komori said that Xerox's solid administration gauges could be gainful to the new organization. He will become CEO of the new combined company. Icahn is Xerox's biggest shareholder, with a 9.72 percent stake.

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The Journal reported Fujifilm and Xerox are close to a deal that would combine Xerox with the current joint venture company it has with Fujifilm, and that the USA company's shareholders would own just under half of the resulting entity. The company also came under scrutiny previous year after a panel of outside experts discovered improper accounting practices at two of its subsidiaries in New Zealand and Australia, dating back to 2010.

Fujifilm is set to take over Xerox and create a joint venture in order to restructure the firm's business and cut costs.

Enhanced scale with presence in over 180 countries and covering key geographies including North America, Japan, Europe, Asia Pacific and China.

It will have dual headquarters in both the USA and Japan.

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Bloomberg reports that the joint venture will eliminate 10,000 jobs globally.

At its closing price on Wall Street on Tuesday, the market capitalization of Xerox was $ 8.3 billion.

Xerox's Chief Executive, Jeff Jacobson, is slated to be the CEO of the new company.

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