Xerox exploring "strategic transaction" for leasing unit

|About: Xerox Corporation (XRX)|By:, SA News Editor

Xerox (NYSE:XRX) says it's exploring a possible "strategic transaction" for its customer financing business.

Last summer, Reuters reported that XRX was considering selling its leasing unit that lends money to customers wanting to rent printers and office equipment.

Update with more information:

The financing unit accounts for about $3.4B of XRX's total debt of $5.2B as of the end of last year. The unit brought in about 4% of the overall $7.63B in FY18.

The company says its plans to simplify operations will lead to at least $640M in gross savings this year and $1.5B by 2021.

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