Fuji Xerox will now have dual headquarters in Connecticut and Japan. While 10,000 jobs are expected to be cut as part of the deal, it does not appear those cuts will be local. Xerox employs about 47,000 people globally, and 3,400 workers in Rochester.

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Pending approvals, Xerox will cede power to Fujifilm in a joint venture by August.

While 10,000 jobs are expected to be cut as part of the deal, it does not appear those cuts will be local. Xerox employs about 47,000 people globally, and 3,400 workers in Rochester.

Under the deal, Xerox shareholders will receive a $2.5 billion special cash dividend, or approximately $9.80 per share. Xerox shareholders will hold a 49.9 percent stake in Xerox holdings. Fujifilm will hold a 50.1 percent dividend.

In a video posted to the Xerox website, CEO Jeff Jacobson praises the new deal.

“This transaction advances the historic relationship between our two companies and prepares us for a successful future in a fast changing industry.”

Jacobson does not mention job loss for employees, but he says this deal will prove to be beneficial for both customers and shareholders.

“The company will be comprised of an employee base with a legacy of putting the customer first and will be led by strong a management team and Board of Directors with a track record of successfully executing on strategic priorities.”

Jacobson goes on to say that he and Shigetaka Komori, chairman and CEO of Fuji Film, have developed a relationship on a professional and personal level to ensure the success of Fuji Xerox.

"This has been a speedy decision, but I believe it's a creative one," Komori told reporters at a briefing. "The new structure will leverage the strengths of our three companies."

Fuji Xerox will have dual headquarters in Connecticut and Japan.

Our news partner, News10NBC is reporting Jacobson will be keeping his job as CEO of Xerox.

Last week, Xerox announced it will move several hundred employees from Xerox Tower downtown to its Webster campus.

Messenger Post Media, along with our news partner will continue to follow this developing economic story.

Xerox announced Wednesday morning that it will cede power to Fujifilm in a joint venture.

ORIGINAL:

Under the deal, Xerox shareholders will receive a $2.5 billion special cash dividend, or approximately $9.80 per share. Xerox shareholders will hold a 49.9 percent stake in Xerox holdings. Fujifilm will hold a 50.1 percent dividend.

In its company’s fourth quarter earnings, Xerox reported, “The combined company will be a global leader in innovative print technologies and intelligent work solutions with annual revenues of $18 billion and leadership positions in key geographic regions.”

The news could be devastating for Rochester area Xerox employees. Fortune reports that Fujifilm plans to cut 10,000 Fuji Xerox job globally.

Xerox reported that ceding power to Fujifilm was unanimously approved by the Boards of Directors of both Fujifilm and Xerox. The combined company will be named “Fuji Xerox” and trade on the NYSE under the ticker XRX.

The new Fuji Xerox will have dual headquarters in Connecticut and Japan.

“The proposed combination has compelling industrial logic and will unlock significant growth and productivity opportunities for the combined company, while delivering substantial value to Xerox shareholders,” said Jeff Jacobson, Xerox CEO.

“The new Fuji Xerox will be better positioned to compete in today’s environment with truly global scale, increased presence in fast-growing markets, and innovation capabilities to effectively meet our customers’ rapidly-evolving demands," he said. "In addition, the combined company’s strong financial profile will enable investments that support continued market leadership, while also providing opportunities for increasing capital returns over time.”

“Today’s announcement follows a comprehensive review of our strategic and financial alternatives led by Xerox’s independent directors that began after the separation of Conduent in 2016,” said Robert J. Keegan, chairman of Xerox’s Board of Directors.

“Upon careful consideration of all alternatives available to the company, the Board of Directors concluded that this combination is clearly the best path to create value for our shareholders,” he said. “An attractive, certain cash dividend, together with participation in the future success of the combined company, presents a compelling value equation for Xerox shareholders. We are excited to strengthen our longstanding relationship with Fujifilm as we enter the next phase of Xerox’s transformation journey.”

Xerox plans a news conference call on Wednesday's developments and its earnings at 8 a.m.

Stay with News10NBC for updates on this developing story.