Fujifilm completed its acquisition of 25% stake in Fuji Xerox from Xerox, for $2.3bn, after investor activism scuppered a deal involving the two companies. Xerox, struggling with falling demand for office printing equipment, had agreed to a complex $6bn deal that would have merged the US brand into Fuji Xerox and given Fujifilm control. The JV accounted for nearly half of Fujifilm’s revenue while Xerox no longer builds its own office copiers, instead relying mostly on Fuji Xerox. “These agreements reset our relationship with FUJIFILM and provide both companies with tremendous opportunities to grow, together and independently. These agreements also unlock significant unrealized value for our shareholders, provide greater clarity for our customers and help us speed our transformation to a digital-first company,” John Visentin, Xerox Vice Chairman and CEO.