Blackstone Advisory Partners
Selected Transactions
Xerox Header
Closed February 2010

Company Description
Xerox Corporation is a global leader in document management, technology and services.

Situation Overview
Advised Xerox on its acquisition of Affiliated Computer Services, Inc. (ACS).  ACS is the largest worldwide diversified Business Process Outsourcing (BPO) company, providing a broad portfolio of BPO services spanning document processing, customer care, travel and transport transaction processing, and outsourced back-office operations.  The cash and stock transaction was valued at approximately $6.4 billion in equity value at announcement ($8.3 billion TEV), and represented the largest M&A transaction in the technology sector in 2009 YTD.

Transaction Summary
The transaction transforms Xerox into the leading global enterprise for end-to-end document management, combining its document technology with ACS' world-class BPO capabilities.  In addition to expanding Xerox's portfolio of products and services as well as its addressable market, the deal is also expected to enhance Xerox's financial profile through increased scale, expanded recurring revenues, higher margins and accelerated growth.


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