Latham & Watkins Advises on Financing for Xerox’s US$542 Million Repurchase of Shares From Carl C. Icahn and Affiliates

On September 29, 2023, Xerox Holdings Corporation (Nasdaq: XRX) closed its repurchase of all the shares of the Company’s common stock beneficially owned by Carl C. Icahn and certain of his affiliates at a purchase price of US$15.84 per share, the closing price of the Company’s common shares on September 27, 2023, the last full trading day prior to the execution of the Purchase Agreement. The aggregate purchase price for the repurchase was approximately US$542 million, which was funded with a new debt facility.

Latham & Watkins LLP represented Jefferies in the transaction with a team led by New York partners Michael Saliba and Jesse Sheff and counsel Preeta Paragash, with associates Paul Rafla and Alex Gulino. Advice was also provided on UK banking matters by London partner Hendrik Smit, with associate Jason Britto; on tax matters by New York partner Jocelyn Noll, with associate Michael Yu; on uniform commercial code matters by New York partner Larry Safran; and on employment and benefits matters by New York partner Bradd Williamson, with associate Alisa Hand.