Fujifilm gains control of Xerox to form $18B company

Xerox company is seen on a building in Minsk Belarus

Xerox reportedly is nearing a deal with Fujifilm Holdings that would combine Xerox with the joint venture that Xerox has with the Japanese company.

Xerox shareholders will receive a special cash dividend of $9.80 per share. In a major shake-up, Fujifilm also announced it would be combining Fuji Xerox with U.S. giant Xerox, bringing both companies under its umbrella to create what it said was the world's largest "document solutions company" by revenue.

The deal has been unanimously approved by the boards of both companies. Fuji Xerox is even known as a rare success story for a cross-border joint venture.

The joint venture will also cut 10,000 jobs globally as Fujifilm undertakes a restructuring, the Japanese company announced.

"The proposed combination has compelling industrial logic and will unlock significant growth and productivity opportunities for the combined company, while delivering substantial value to Xerox shareholders", said Jacobson.

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Fujifilm Holdings and copier company Xerox Corp. said Wednesday the Japanese company will take over Xerox in a restructuring meant to slash costs.

Xerox has agreed to a $6.1bn takeover bid from Japan´s Fujifilm, just as fourth-quarter results provided evidence that its transformation strategy was making headway.

The transaction is expected to close in the second half of this year and is subject to customary closing conditions, regulatory approvals and approval by Xerox shareholders. The combined company will be named Fuji Xerox and trade on the NYSE under the ticker XRX. "It's going to be a big year for apps and partners building on Xerox's app platform".

Xerox has been focused by lobbyist financial specialist Carl Icahn and investor Darwin Deason, who united a week ago to push Xerox to investigate vital choices, expel its "old protect", including its CEO, and arrange better terms for its decades-long manage Fujifilm.

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