- Xerox (NYSE:XRX) has agreed to sell its 25% stake in Fuji Xerox to Fujifilm (OTCPK:FUJIY) for $2.2B, bringing an end to their 57-year-old joint venture, The Wall Street Journal reports.
- The move will also dismiss a lawsuit filed by Fujifilm against Xerox for walking away from a deal with Fuji Xerox that would have combined the two companies.
- It comes more than a year and a half after Fujifilm and Xerox agreed to combine in a complex deal that was sunk after Xerox shareholders Carl Icahn and Darwin Deason argued it undervalued Xerox.
- The breakup of the JV (and dismissing the suit) could free both companies to make major strategic shifts.