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Japan: Xerox ends 57-Year deal in $2.3B sale to Fujifilm

By  |  November 5, 2019

Fujifilm Holdings Corp. said Tuesday it will turn Fuji Xerox Co. into a wholly owned subsidiary by acquiring an additional 25 percent from Xerox Co. of the United States for $2.3 billion (¥253 billion).

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    The deal also means Fujifilm has officially given up on its earlier plan to acquire the US maker of printers and copy machines.

    In January 2018, Fujifilm agreed with the top management of Xerox that it would acquire a 50.1 percent stake in the US firm and merge it with Fuji Xerox.

    But the merger plan was canceled by Xerox due to opposition from major shareholders. As a result, Fujifilm filed a damages lawsuit, which it now plans to drop.

    The transaction was unanimously approved by the boards of directors of Fujifilm and Xerox and is expected to be completed by the end of this month.

    Full Content: Wall Street Journal

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