XeroxÂ (NYSE: XRX) has officially separatedÂ intoÂ two publicly traded companies, one focusedÂ on digital printing technology and the other sellingÂ business process services.
The digital print technology company will carry the Xerox name while the business process service provider will operate independentlyÂ as Conduent (NYSE: CNDT), GovCon Wire reported June 2016.
Xerox said TuesdayÂ it received $1.8 billion from Conduent as part of the spinoff and will use the payment along with cash on handÂ to pay down nearlyÂ $2 billion in corporate debt.
Jeff Jacobson, who was chosenÂ last year to serve as CEO of the new Xerox company, Â said the completion of the splitÂ will help increaseÂ Xerox’s market focus and createÂ value for shareholders.
On Saturday, Xerox shareholders received one share of Conduent common stock for every five shares of common stock they owned from the original company as of the Dec. 15, 2016, close of business.
Xerox also eyesÂ investments in market segmentsÂ such as document outsourcing for small and medium businesses.