September 28, 2023

Willkie represented the Special Committee of the Board of Directors of Xerox Holdings Corporation in the approximately $542 million repurchase of shares from Carl C. Icahn and certain of his affiliates.

On September 28, Xerox announced that it entered into an agreement to repurchase all of the shares of the company’s common stock beneficially owned by longtime shareholder Carl C. Icahn and certain of his affiliates at a purchase price of $15.84 per share. Following the transaction, the Icahn parties will no longer hold any Xerox common shares and the Icahn representatives on the Xerox board will resign.

The transaction was negotiated and unanimously recommended to Xerox’s Board of Directors by the Special Committee.

The Willkie team was led by partners Russell Leaf and Jared Fertman and included associate Andrew Lefkowitz.