Xerox Forms New Joint Venture with TPG, Raises $450M

Xerox announced the formation and capitalization of a new joint venture between Xerox and TPG. The joint venture is structured as an intellectual property holding and licensing entity designed to manage, protect, and monetize certain Xerox IP assets. The joint venture has raised $450M in aggregate principal amount of financing led by TPG's credit business, TPG Credit, with participation from other investors, consisting of senior secured term loans and preferred equity. The proceeds of the joint venture financing were distributed to Xerox and are expected to be used for general corporate purposes, including augmenting liquidity. In connection with the joint venture financing, certain subsidiaries of Xerox contributed specific intellectual property assets to the joint venture in exchange for equity interests. As part of this structure, Xerox and the joint venture entered into a long-term shared services and license agreement that preserves the company's full, uninterrupted ability to use the Xerox name, trademark, and other transferred IP across all global operations, ensuring continuity in how Xerox presents itself and serves clients.