Xerox Holdings Corporation announced a new joint‑venture with global alternative‑asset manager TPG, raising $450 million in senior secured term loans and preferred equity to strengthen its balance sheet and fund its long‑term strategy.
The joint‑venture is an intellectual‑property holding and licensing entity. Xerox contributed selected IP assets to the venture in exchange for equity, and the company will license the assets back under a shared‑services agreement, retaining the right to use the IP while generating capital without divesting core operational assets.
The proceeds will be used for general corporate purposes, including liquidity enhancement, acceleration of the Reinvention plan, and potential debt repayment. The financing supports the integration of recent acquisitions—Lexmark, completed July 2025, and ITsavvy, completed in Q4 2024—by providing the capital needed to consolidate operations and realize synergies.
Louie Pastor, Xerox’s president and chief operating officer, said the deal “strengthens our balance sheet and completes the liquidity‑enhancing actions we began in the fall, with the objective of ensuring Xerox is well‑capitalized and positioned to advance our long‑term strategy.” The move signals confidence in the company’s pivot toward services and digital solutions.
The transaction reflects Xerox’s broader Reinvention strategy, which seeks to shift revenue from legacy print products to higher‑margin IT and digital services. By monetizing its IP portfolio and securing a sizable liquidity cushion, Xerox aims to reduce leverage, improve cash flow, and accelerate growth in its new focus areas.”],
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