Xerox spins off legal and business services unit

by |
Xerox has completed the spinoff of its legal and business services unit as Conduent.
Conduent, which will be traded on the New York Stock Exchange as (NYSE:CNDT), will have about $6.7 billion in annual revenue. It has more than 93,000 employees in more than 40 countries and is a Fortune 500-scale company.
One American biglaw has confirmed its involvement in the trasaction. Cahill Gordon & Reindel represented the debt financing sources in connection with loan and bond financing transactions for the spinoff.
Cahill represented JPMorgan Chase Bank as administrative agent and lead arranger, and the other lead arrangers, in connection with a $700,000,000 term A loan, a $750,000,000 initial term B loan, $100,000,000 incremental term B loan and a $750,000,000 revolving credit agreement for Xerox Business Services, LLC and Affiliated Computer Services International B.V., each of which are subsidiaries of Conduent.
Cahill also represented BofA Merrill Lynch and J.P. Morgan as joint book-running managers and the other initial purchasers in connection with the Rule 144A offering of $510,000,000 aggregate principal amount of 10.500% Senior Notes due 2024 by Conduent Finance, Inc. and Xerox Business Services, LLC., each of which are subsidiaries of Conduent Incorporated.
The new publicly-traded firm’s legal subsidiary is Conduent Legal and Compliance Solutions which offers solutions for litigation, electronic discovery and regulatory compliance.
Ashok Vemuri, Conduent CEO, said that the firm will focus on better application of their automation, analytics, innovation and expertise.

Beth Fritts, Conduent Legal and Compliance Solutions president, told Legaltech News: “We’re looking at compliance and analytics and all of these different areas we’ve been focusing on for the last six months to the year as a value component of our overall offer.”

Related stories:
Mills Oakley launch first Australian law firm-run start-up accelerator
Australia’s most Innovative Firms revealed

Australasian Lawyer forum is the place for positive industry interaction and welcomes your professional and informed opinion.

Name (required)
Comment (required)
By submitting, I agree to the Terms & Conditions