Xerox announced today that it had completed the spinoff of business process outsourcing company Conduent, creating two publicly traded firms. Conduent executives, including CEO Ashok Vemuri, rang the opening bell at the New York Stock Exchange to celebrate the consummation of the split, first announced last January.
Xerox will remain in Norwalk, while Conduent is headquartered in Basking Ridge, N.J.
Under terms of the agreement, on Dec. 31 Xerox shareholders received one share of Conduent common stock for every five shares of Xerox common stock they held as of the end of business on Dec. 15. Xerox continues to trade under the symbol XRX, while Conduent is trading under the symbol CNDT.
As part of the spinoff, Xerox received a cash transfer from Conduent of $1.8 billion, which it intends to use, along with cash on hand, to retire approximately $2 billion in debt.