Deals
Xerox Ends 57-Year Venture With $2.3 Billion Sale to Fujifilm
- Companies previously abandoned plans to consolidate businesses
- Fujifilm sees improved earnings, shares climb on news of deal
Forged in 1962, the Fuji Xerox joint venture was one of the oldest tie-ups between an American and Japanese firm.
Photographer: Tomohiro Ohsumi/BloombergThis article is for subscribers only.
Xerox Holdings Corp. agreed to sell 25% of Fuji Xerox to its Japanese partner, jettisoning its slice of the five-decade old venture after a merger attempt fell through.
Fujifilm Holdings Corp. will buy the stake for $2.3 billion and own 100% of Fuji Xerox, the companies said in a statement Tuesday. Shares in Fujifilm jumped 6.7%, their biggest gain since February 2018, after the Wall Street Journal reported on the deal before trading closed on the Tokyo Stock Exchange.