Xerox Corp., the Norwalk, Connecticut-based company made famous for its copying and fax machines, announced a deal Friday with activist investor Carl Icahn to split the historic corporate entity into two separate publicly traded companies.
Cravath, Swaine & Moore and Paul, Weiss, Rifkind, Wharton & Garrison have grabbed the lead roles advising Xerox on its proposed split, which will see the company’s hardware operations and its services business exist as two different companies. The move effectively reverses Xerox’s $6.4 billion acquisition of Affiliated Computer Services Inc. in late 2009, which saw the document management company acquire the business process outsourcer.
