Xerox To Buy Back Around $542 Mln Of Shares From Carl Icahn; Appoints Scott Letier Board Chairman

(RTTNews) - Xerox Holdings Corp.(XRX) said on Thursday that that it has entered into a deal to repurchase all of the shares beneficially owned by Carl Icahn and certain of his affiliates at $15.84 per share, per share closing price of XRX on September 27.

The value of the share repurchase is around $542 million, to be funded with a new debt facility. The transaction is scheduled to be closed no later than September 29.

Post transaction, the Icahn Parties will no longer hold any Xerox shares. The company has clarified that the repurchase announced is not a part of any existing share repurchase program.

In addition, Xerox has appointed Scott Letier, who has served on the Board since 2018, as Chairman of the Board, which is effective upon the closing of the transaction.