On February 5, Xerox Corporation (NYSE: XRX) and Affiliated Computer Services , Inc. (NYSE: ACS) shareholders will vote on Xerox’s agreement to purchase ACS, the world’s largest diversified business process outsourcing firm. The joint proxy statement has been finalized and will be sent to Xerox and ACS shareholders. Xerox and ACS boards of directors recommend shareholders vote in favor of the acquisition, which will transform Xerox into the leading global enterprise for document and business process management, accelerating its growth in an expanding market.
In preparation for the shareholder meetings, Xerox and ACS satisfied Hart-Scott Rodino and Securities and Exchange Commission requirements. Earlier this month, Xerox successfully completed a $2 billion capital markets transaction , the net proceeds of which support the ACS acquisition. In addition, Xerox confirmed that pre-closing litigation-related issues have been resolved, and that both parties intend to move quickly to close the deal.
On Sept. 28, Xerox announced a definitive agreement to acquire ACS in a cash and stock transaction. ACS is a $6.5 billion company with revenue growth of 6 percent and new business signings of $1 billion in annual recurring revenue during its fiscal 2009.
Xerox shareholders who owned Xerox common stock at the close of business on December 11, 2009, can attend a special meeting at Xerox headquarters in Norwalk, Conn., at 10 a.m. EST on February 5. ACS shareholders who owned ACS common stock at the close of business on December 11, 2009, can attend a special meeting at the Cityplace Conference Center, 2711 North Haskell in Dallas at 2 p.m. CST on February 5.
About Xerox
Headquartered in Norwalk, Conn., Xerox Corporation’s 54,000 people represent the world’s leading document management , technology and services enterprise, providing the industry’s broadest portfolio of color and black-and-white document processing systems and related supplies , as well as document management consulting and outsourcing services .
About ACS
Headquartered in Dallas, TX, ACS’ 76,000 professionals support thousands of multinational corporations and government agencies in more than 100 countries from 500 locations. It offers business process and information technology outsourcing services in areas that include finance services, communications, transportation, human resources, healthcare, transaction processing, and customer care. Learn more about ACS at http://www.acs-inc.com .