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Xerox Corp Stock Surges on Fujifilm Takeover Deal

Xerox Corp Stock Surges on Fujifilm Takeover Deal

Fujifilm Holdings Corp announced a revamp of its Fuji Xerox unit amid an "increasingly severe" market environment, and will reduce the joint venture's work force by 10,000 employees.

The deal would combine Xerox, which has a market value of $8.3 billion, with a joint venture the company operates with Fujifilm.

Fujifilm executives said in a press conference Wednesday in Tokyo they were confident all shareholders will approve the deal.

Through restructuring and other reforms, the companies expect to save $1.7 billion a year by 2022.

The deal has been unanimously approved by the boards of both companies. Xerox shareholders will own 49.9% of the combined company at closing.

Fujifilm owns 75 percent of the joint venture, called Fuji Xerox, which accounts for almost half of the Japanese company's sales and operating profit.

XRX stock was up 6% as of Wednesday morning.

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The Fuji takeover news comes as Xerox reported total 2017 revenues of $10.7 billion, 4.7% lower than 2016 but in line with company guidance. Current Xerox CEO Jeff Jacobson will remain as chief executive of Fuji Xerox.

"This transaction advances the historic relationship between our two companies and prepares us for a successful future in a fast changing industry", Jacobson said about the deal.

Fujifilm and Xerox have been partners for over a century.

Xerox's CEO said the consolidated organization would pick up an expanded edge in new advances, alongside higher incomes and cost cooperative energies, while Xerox investors would likewise profit by a $2.5 billion unique money profit coming about because of the arrangement. The two companies have provided solutions that solve management and business challenges, revolutionizing offices with xerographic technology and supporting the communication activities and value creation of customers through a variety of products and services.

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The combined company's board will include 12 members, seven of whom will be appointed by the Fujifilm board.