Xerox officially separates Conduent

Xerox Corporation has completed the separation of Conduent Incorporated, its business process outsourcing (BPO) business. Xerox CEO Jeff Jacobson said the successful completion of the separation sharpens the company’s market focus and commitment to its customers. In connection with the spin-off, Xerox received a cash transfer from Conduent of USD1.8bn, which it intends to use, along with cash on hand, to retire approximately USD2bn in debt. Conduent is set to be a Fortune 500 scale business process services company, with approximately USD7bn in 2015 revenue and 93,000 employees worldwide, including in the Philippines.