Xerox’s BPO Group to Trade as Conduent on NY Stock Exchange Following Split

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Following the separation of Xerox into two companies – Xerox, which will focus on document imaging and solutions (such as printers, MFPs, supplies, and solutions), and Conduent Incorporated, which will focus on business process services – Conduent will trade on the New York Stock Exchange under the symbol CNDT. Xerox will continue to trade on the NYSE as XRX.

Xerox expects to complete its separation into Xerox and Conduent by the end of 2016. At the time of separation, Xerox shareholders will own all stock in both companies. The separation of Xerox and Conduent is intended to be tax-free to Xerox shareholders for U.S. federal-income tax purposes. The transaction is subject to final approval by Xerox’s board of directors, among other conditions.

“Our separation into Xerox and Conduent will create two independent, Fortune 500-scale, publicly traded companies with distinct and compelling investment propositions and differentiated financial profiles, growth drivers and business prospects,” commented Ashok Vemuri, recently appointed CEO of Conduent. “The New York Stock Exchange has long provided the premiere venue for the world’s best companies to drive shareholder value. We believe this is the best exchange for each of these industry leaders to build its long-term shareholder base.”

“We’re delighted to welcome Conduent to the NYSE’s community of esteemed companies and thank Xerox, an iconic global leader, for its continued listing since 1961,” said Tom Farley, President, NYSE Group. “The NYSE is pleased to be the listing venue for Xerox and Conduent, and we look forward to delivering the superior market quality, global visibility and best-in-class issuer services that are associated with the NYSE’s proven model and value proposition.”

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