Xerox has completed its division into two separate companies: Xerox for digital print technology and and Conduent for business services.
New Xerox CEO Jeff Jacobson says he’s confident this positions Xerox for long-term success. Members of the company’s executive team, employees and customers will ring the bell to open the New York Stock Exchange tomorrow in celebration of the event.
Xerox shareholders on record as of December 31st were issued one share of Conduent stock for each five shares they held of Xerox.
Conduent paid Xerox a cash transfer of $1.8 billion, which will be used to pay off about $2 billion in debt.