Conduent breaks free from Xerox

Xerox has started the new year off with the completion of its plan to split itself into two separate companies. The company first announced its intention early last year and has now set up the second company, Conduent Incorporated.

Conduent is a separate company that offers business process outsourcing services.

Essentially, Conduent will offer business process outsourcing services to a range of different sectors including transport and healthcare. It will begin trading on the New York Stock Exchange today.

Meanwhile, Xerox will continue to sell its document handling technology. Jeff Jacobson, Xerox CEO, said that the split would sharpen the company’s market focus and commitment to its customers, adding: “I am confident the transformational actions we are implementing position Xerox for long-term success and unlocks shareholder value.”

Under the terms of the separation, on the distribution date of 31 December 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 15 December 2016, the record date for the distribution. Xerox itself gained 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.


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