Fujifilm takes control of Fuji Xerox, ending joint venture

Fujifilm said Tuesday it will make Fuji Xerox a wholly owned subsidiary, buying Xerox's stake in the firm and ending a 57-year-old partnership between the Japanese and US companies.

The agreement will see Fujifilm withdraw a lawsuit it filed against Xerox in 2018 seeking more than $1 billion in damages after a merger between the two firms was scrapped, the Japanese firm said.

Under the transaction announced Tuesday, Fujifilm will acquire the 25 percent stake in Fuji Xerox owned by Xerox. The deal gives Fujifilm a 100 percent stake in the firm.

The deal was unanimously approved by the boards of both companies, Fujifilm said.