US copier and printer maker Xerox, which has been in some financial trouble for the last few years, will be absorbed by the joint venture that the company owns with the Japanese company Fujifilm, according to the Wall Street Journal Tuesday.
At the end of the transaction, the shareholders of Xerox would hold slightly less than half of the new entity, according to WSJ, citing sources close to the case.
The newspaper added that Xerox shares would not disappear from the stock market and the deal could be announced Wednesday.
At its closing price on Wall Street on Tuesday, the market capitalization of Xerox was $ 8.3 billion.
Xerox has been under pressure from two of its biggest shareholders, Carl Icahn and Darwin Deason, who together own more than 15% of the company.
They recently issued a joint letter urging the company to consider the possibility of selling itself and called for immediate replacement of its CEO.
The Fujifilm Holdings group specializes in image technologies, medical and office equipment. The Fuji Xerox joint venture, based in Tokyo, is 55 years old. It is 75% owned by the Japanese group.
In early 2016, under pressure from Carl Icahn, Xerox announced its split into two independent companies, the first dedicated to document processing, bringing together the group’s historical activities including its famous copiers, printers and other scanners; and the second dedicated to services in the areas of transport, health, commerce and administration.