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Fujifilm is buying Xerox

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Fujifilm is buying Xerox for 6.1 billion dollars!

Yes you heard that right, the Japanese company Fujifilm is buying Xerox. The legacy brand Xerox, whose copier machines has dominated the space for nearly half a century is being sold to the mega Japanese company. Reports say that the sale is being made as a measure for Fujifilm to advance the companies digital solutions division. Consolidation of R&D, procurement and other operations would enable Fuji Xerox to deliver at least $1.7 billion in total cost savings by 2022, the two companies said. 

Fujifilm currently owns a 75% stake of Xerox, so this deal will make total ownership by the Japanese company complete. The name Fuji Xerox will remain.