Icahn Sells Remaining $542 Million Xerox Stake Back to Company

Activist investor Carl Icahn is ending a years-long investment in Xerox Holdings Corp. by selling his remaining stake back to the company for $542 million.

(Bloomberg) — Activist investor Carl Icahn is ending a years-long investment in Xerox Holdings Corp. by selling his remaining stake back to the company for $542 million.

Xerox agreed to repurchase all the shares held by Icahn and his affiliates for $15.84 apiece, the same as its last closing price in New York, according to a statement Thursday. Xerox will fund the transaction with a new debt facility.

Jesse Lynn and Steven Miller, who work at Icahn-related firms, will step down from Xerox’s board at the closing of the deal along with Xerox Chairman James Nelson. Scott Letier, who has been on the board since 2018, will become the new chairman, according to the statement.

Moelis & Co. acted as financial adviser to the special board committee that negotiated the transaction.

More stories like this are available on bloomberg.com