Xerox Completes Conduent Spin-Off

Xerox has completed its separation of Conduent, creating a disdtinct business process outsourcing company that will offer solutions for customer service with 52,000 agents across 160 call centers that handle 2.5 billion interactions daily.

"Today is an historic day for Xerox. The successful completion of the separation sharpens our market focus and commitment to our customers," said Xerox CEO Jeff Jacobson in a statement. "I am confident the transformational actions we are implementing position Xerox for long-term success and unlocks shareholder value."

The move, first announced in June, will allow Xerox to focus on its digital print technology and services business..

Under the terms of the separation, Xerox shareholders received one share of Conduent common stock for every five shares of Xerox common stock. Xerox also received a cash transfer from Conduent of $1.8 billion.