Following the separation of Xerox (NYSE: XRX) into two companies, Conduent Incorporated, the new business process services company, will trade on the New York Stock Exchange (NYSE) under the symbol CNDT. Xerox will continue to trade on the NYSE as XRX.
“Our separation into Xerox and Conduent will create two independent, Fortune 500-scale, publicly traded companies with distinct and compelling investment propositions and differentiated financial profiles, growth drivers and business prospects,” said Ashok Vemuri, recently appointed CEO of Conduent. “The New York Stock Exchange has long provided the premiere venue for the world’s best companies to drive shareholder value. We believe this is the best exchange for each of these industry leaders to build its long-term shareholder base.”
“We’re delighted to welcome Conduent to the NYSE’s community of esteemed companies and thank Xerox, an iconic global leader, for its continued listing since 1961,” said Tom Farley, President, NYSE Group. “The NYSE is pleased to be the listing venue for Xerox and Conduent, and we look forward to delivering the superior market quality, global visibility and best-in-class issuer services that are associated with the NYSE’s proven model and value proposition.”
The company expects to complete its separation by year-end 2016. At the separation, Xerox shareholders will own all stock in both companies. The separation of Xerox and Conduent is intended to be tax-free to Xerox shareholders for U.S. Federal income tax purposes. The transaction is subject to final approval by Xerox’s board of directors, among other conditions.
With approximately $7 billion in 2015 revenue and 93,000 employees worldwide, Conduent will be a Fortune 500 scale business process services company with expertise in transaction-intensive processing, analytics and automation. Conduent’s differentiated offerings touch millions of lives, including two-thirds of all insured patients in the U.S. and more than half of all mobile phone subscribers in the U.S.
Following the separation, Xerox will continue to be a trusted partner to its customers, helping them improve productivity, workflow and business performance through its deep understanding of how, why and where people work. With approximately $11 billion in 2015 revenue, Xerox will be well positioned to build on its long-standing global leadership positions and pursue select growth opportunities with a focus on operational excellence, cost discipline, technology and innovation.
Xerox is helping change the way the world works. By applying our expertise in imaging, business process, analytics, automation and user-centric insights, we engineer the flow of work to provide greater productivity, efficiency and personalization. Our employees create meaningful innovations and provide business process services, printing equipment, software and solutions that make a real difference for our clients and their customers in 180 countries.