Xerox Holdings Corporation has announced an update to its capital allocation policy in anticipation of its acquisition of Lexmark. The Board of Directors has approved a reduction in the quarterly dividend to $0.025 per share, reflecting a focus on debt repayment following the acquisition's closing. This move comes as Xerox aims to improve its financial flexibility and prioritize debt reduction, given rising yields on its publicly traded debt and increased capital costs. The company expects the transaction to be de-levering upon closure and immediately accretive to adjusted earnings per share and free cash flow, with synergies of at least $238 million anticipated within two years. Xerox plans to re-evaluate its capital allocation priorities as it reduces its gross debt leverage.
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