The consolidated organization will keep the Fuji Xerox name and turn into an auxiliary of Fujifilm, with double base camp in the United States and Japan, and recorded in NY.
New Fuji Xerox will become the largest document solutions company in the world in revenue size, and by deploying its operations worldwide with a uniform management strategy, New Fuji Xerox will realize further acceleration of business growth and new value creation for customers.
"Upon careful consideration of all alternatives available to the company, the Board of Directors concluded that this combination is clearly the best path to create value for our shareholders", Xerox Chairman Robert J. Keegan said in Wednesday statement.
As its very own component rebuilding, Fujifilm said it was cutting 10,000 employments at Fuji Xerox, more than a fifth of its workforce at the joint wander, in the Asia Pacific district. The Tokyo-based company will book restructuring costs of $450.95 million, according to the report.
Xerox shareholders will receive a $2.5 billion cash dividend, or about $9.80 per share.
Xerox shares were 2.5% higher in pre-market trading on Wednesday.
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Icahn and Deason cumulatively own about 15% of Xerox..
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.
A major change for Xerox.
Xerox and Fujifilm have announced they have entered into an agreement to combine the two firms. The combined company will go to market and maintain the iconic "Xerox" and "Fuji Xerox" brands within its respective operating regions. "We believe Fujifilm's track record of advancing technology in innovative imaging and information solutions - especially in inkjet, imaging, and AI areas - will be important components of the success of the new Fuji Xerox".
"I would hope the innovative thinking of the partners is valuable to Fuji", Leone said. The board will include seven members - including Komori - appointed by Fujifilm's board and five independent directors appointed from Xerox's board.