Xerox Closes Sale Of Information Technology Outsourcing Business To Atos

(RTTNews) - Xerox (XRX) on Tuesday said it has closed the sale of its Information Technology Outsourcing ("ITO") business to French multinational IT services company Atos SE.

The company said it expects to use the net after-tax proceeds of about $850 million from the transaction to repurchase common stock and fund acquisitions. Xerox's ITO business included approximately 9,600 ITO employees in 42 countries.

Xerox said the transaction enables it to increase focus and resources on expanding its core Business Process Outsourcing and Document Outsourcing businesses.

Additionally, Xerox believes the transaction will enable new levels of collaboration in developing innovative solutions for customers that leverage Atos' ITO capabilities, and highlight Xerox's Business Process Outsourcing and Document Outsourcing expertise.