Xerox Sells its IT Outsourcing Business to France's Atos for $1.1 Billion

Xerox will be selling their information technologies outsourcing business to France's Atos for roughly $1 billion.
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Xerox announced they will be selling their information technologies outsourcing business to France's Atos for roughly $1 billion with the potential for an additional $50 million based on the condition of specific assets at the deal's close. Xerox is expecting to see $850 million in proceeds after taxes. The boards of both companies have approved the deal, which should be finalized in the first half of 2015. The 9,800 employees in Xerox's ITO division will now all be working for Atos. Xerox also said that they are planning to increase their capital allocations for stock buybacks to $1 billion and an allocation of $900 million for acquisitions. Whalen MacHale reports for TheStreet from New York.