King & Spalding advised Xerox Holdings Corporation (NYSE: XRX) on its $2.3 billion transaction with FUJIFILM Holdings Corporation intended to set a new course for the companies’ strategic sourcing relationship going forward, which included the sale of Xerox’s 25% interest in the Fuji Xerox joint venture. This transaction was significant and strategically important, as it has monetized an illiquid asset at an attractive valuation and secured a complete dismissal of the litigation, with prejudice, which FUJIFILM had previously brought against Xerox for breach of contract in excess of $1 billion.
King & Spalding lawyers from New York, Washington D.C., and Houston were involved. Jim Woolery and Timothy M. Fesenmyer led the Corporate team with Elizabeth Morgan, DK Kim, Rami Mosrie, and Penelope Hamilton. The litigation team included Richard T. Marooney, Israel Dahan, Peter Isajiw, Harry Burnett, and Bobby Meadows. Hap Shashy and Ken Raskin also advised.