Fujifilm said on Tuesday it would make Fuji Xerox a wholly owned subsidiary by buying Xerox's stake in the company and ending a 57-year partnership between Japanese and US companies.
The deal will cause Fujifilm to withdraw a lawsuit against Xerox on 2018 seeking more than $ 1 billion in damages after a merger between the two companies was dropped, the Japanese company said.
The deal gives Fujifilm a stake of 100% in the company.
The deal was unanimously approved by the boards of both companies, Fujifilm said.
"Fuji Xerox will operate as a wholly owned subsidiary of Fujifilm and will continue to supply Xerox upon completion of the transaction," he said.
“Fuji Xerox has become a lean and strong company after a series of renovations started on 2018, and I am confident that with this initiative it will be even stronger,” said Shigetaka Komori, president and CEO of Fujifilm, in a statement. communicated. declaration.
He said that full ownership of the company "would facilitate faster decision making in a rapidly changing business environment."