NORWALK (dpa-AFX) - Fujifilm Holdings Corp. agreed to buy 25% stake in Fuji Xerox Co., Ltd. owned by Xerox Corp. that will bring Fujifilm's ownership of Fuji Xerox to 100%.
As part of the deal, Fujifilm has agreed to withdraw litigation it filed against Xerox on June 18th, 2018 claiming damages caused by the unilateral cancellation of the definitive agreement between the two companies.
Fujifilm said it agreed to acquire Xerox's 25% ownership stake in Fuji Xerox and its 51% ownership in Xerox International Partners, a 51%-49% Joint Venture between Xerox and Fuji Xerox that operates OEM business in the U.S. and Europe.
Fujifilm will pay $2.3 billion in aggregate to Xerox. The transaction is expected to be completed within November 2019.
Fujifilm expects overall revenue in the Document business of 1.3 trillion yen by fiscal year 2024. Fuji Xerox expects 150 billion yen revenue by 2024.
Fujifilm expects a total of 10 billion yen cost synergies by 2024 with Fuji Xerox as a wholly owned subsidiary.
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