Illustration: Sarah Grillo/Axios
Xerox agreed to sell its 25% stake in a joint venture with Fujifilm to its Japanese partner for $2.3 billion.
Why it matters: This ends a 57-year partnership between the two companies, and comes after the pair's proposed merger was scuttled by activist investors Carl Icahn and Darwin Deason.
- As part of the deal, Fujifilm will drop its lawsuit against Xerox over the failed merger.
The bottom line: "Some analysts and investors expected that pressure from the lawsuit could eventually bring Xerox back to the negotiating table. But the two sides publicly disagreed about how much Xerox was worth, with Icahn and Deason arguing a deal would need to value Xerox at $40 a share or more in cash. Xerox shares closed Monday at $34.67." — Cara Lombardo, WSJ