Conduent to Trade on New York Stock Exchange Following Separation from Xerox
October 03 2016 - 6:30AM
Business Wire
Xerox to Continue to Trade on New York Stock Exchange after
Separation
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.
About Xerox
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. Learn more at www.xerox.com.
Note: To receive RSS news feeds, visit
https://www.news.xerox.com. For open commentary, industry
perspectives and views visit http://twitter.com/xerox,
http://www.linkedin.com/company/xerox,
http://simplifywork.blogs.xerox.com,
http://www.facebook.com/XeroxCorp,
http://www.youtube.com/XeroxCorp.
Xerox® and Xerox and Design are trademarks of Xerox in the
United States and/or other countries. Conduent is a trademark of
Xerox Business Services, LLC in the United States and/or other
countries.
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version on businesswire.com: http://www.businesswire.com/news/home/20161003005475/en/
Media:XeroxCarl Langsenkamp,
585-423-5782Carl.Langsenkamp@xerox.comorSean Collins,
310-497-9205sean.collins2@xerox.com
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