Once one of the most powerful business technology companies in the world, Xerox will soon be merging and controlled with long-term associated Japanese company Fuji Film.
Nowadays both companies are more of an answer to a trivia question, but it’s still a surprising end to a long road of technology innovation.
Bloomberg.com has the details:
Xerox Corp., a once-iconic American innovator that became synonymous with office copy machines, is ceding control to Japan’s Fujifilm Holdings Corp. in a deal that creates an $18 billion company.
Xerox, which has a market value of $8.3 billion, will first merge with a joint venture the company operates with Fujifilm in Asia, according to a statement Wednesday. Current Xerox shareholders will receive a cash dividend of $9.80 per share. Tokyo-based Fujifilm will ultimately end up owning 50.1 percent of the combined entity, which expands the joint venture to encompass all of Xerox’s operations.