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Xerox Takes Gamble in Bid for ACS

September 29, 2009
by William M. Bulkeley and Joseph Pereira
Reporters, The Wall Street Journal

William M. Bulkeley and Joseph Pereira

Xerox Corp. (XRX) and its new chief executive, Ursula Burns, unveiled the biggest acquisition in the company’s 103-year history, joining a wave of hardware makers expanding into services with a $5.6 billion deal for Affiliated Computer Services Inc. (ACS).

Aimed at snapping Xerox out of its funk, the acquisition and integration of ACS–which has 74,000 workers compared with Xerox’s 54,000–is a big gamble by a new CEO. But Ms. Burns, a Xerox veteran who took over in July, is seeking new markets as Xerox’s traditional copier and printer business faces pressure from rivals such as Hewlett-Packard Co. (HPQ).

Investors frowned on the stock-and-cash deal, sending Xerox’s shares down 14 percent in New York Stock Exchange trading. The company is taking on more than $2 billion in debt, paying $1.8 billion in cash and tapping the capital markets to finance $3 billion.

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