Deals
Xerox Lines Up $24 Billion M&A Loan in Pursuit of Deal with HP
- Loan one of the largest ever bridge facilities for tech firm
- Debt removes doubt about ability to finance deal: Xerox CEO
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Xerox Holdings Corp. has arranged a $24 billion loan with a group of banks as it continues a pursuit of HP Inc.
It’s the largest-ever bridge loan in the technology sector, surpassing International Business Machines Corp.’s $20 billion facility in 2018 for its acquisition of Red Hat Inc., according to data compiled by Bloomberg. The rankings exclude the $51.2 billion bridge loan, which was part of a larger $100 billion debt financing for the failed Broadcom Inc. takeover of Qualcomm Inc. The deal was blocked by President Donald Trump.