Xerox Completes Separation of Conduent
Xerox has completed the separation of Conduent, Inc., creating two publicly-traded companies.
With the successful completion of the separation Xerox is sharpening its market focus and commitment to its customers, said Xerox CEO Jeff Jacobson.
According to Xerox, its emphasis on digital print technology and services will help customers innovate how they communicate, connect, and work more productively. In addition, the company says, its financial model and business strategy will enable strong free cash flow generation and margin expansion, as well as targeted investments in growth areas, such as document outsourcing and solutions for small- and medium-sized businesses.
Under the terms of the separation, on the distribution date of Dec. 31, 2016, Xerox shareholders received one share of Conduent common stock for every five shares of Xerox common stock they held as of the close of business on Dec. 15, 2016, the record date for the distribution.
In connection with the spin-off, Xerox received a cash transfer from Conduent of $1.8 billion, which it intends to use, along with cash on hand, to retire approximately $2.0 billion in debt.
Members of the company’s executive leadership team, employees and customers will celebrate the milestone by ringing the opening bell at the New York Stock Exchange (NYSE) on Jan. 4, 2017.