Xerox to Sell Stake in Joint Venture to Fujifilm for About $2.3 Billion www.wsj.com

Xerox Holdings Corp. XRX 3.55% and Fujifilm Holdings Corp. FUJIY 0.49% agreed to end a 57-year-old joint venture more than a year after an attempt at a full merger soured.
Xerox has agreed to sell its 25% stake in the venture, Fuji Xerox, to Fujifilm as part of a deal that will bring Xerox total proceeds of $2.3 billion, the companies said.
Xerox has also agreed to sell a majority stake in a smaller joint venture to an affiliate of Fuji Xerox and extended the timeline of an agreement allowing Fujifilm to be a major supplier to Xerox, the companies said.
Fujifilm and Xerox agreed to combine in January 2018 in a complex deal in which Fujifilm would have traded its 75% stake in the Asian joint venture for a 50.1% stake in a new Xerox that would operate world-wide.
Fujifilm sued Xerox in June 2018 for breach of contract and estimated damages of more than $1 billion.