Xerox 2015 Annual Report Download - page 144

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Note 23 – Subsequent Event
Planned Company Separation
On January 29, 2016, Xerox announced that its Board of Directors had approved management’s plan to separate
the Company's Business Process Outsourcing business from its Document Technology and Document Outsourcing
business. Each of the businesses will operate as an independent, publicly-traded company. Leadership and names
of the two companies will be determined as the process progresses. The transaction is intended to be
tax-free for Xerox shareholders for federal income tax purposes.
Xerox will begin the process to separate while we finalize the transaction structure. Our objective is to complete the
separation by year-end 2016, subject to customary regulatory approvals, the effectiveness of a Form 10 filing with
the U.S. Securities and Exchange Commission, tax considerations, securing any necessary financing, and final
approval of the Xerox Board of Directors. Until the separation is complete, we will continue to operate and report as
a single company.
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