Xerox secures $24B in financing for HP takeover efforts

NORWALK, Connecticut and PALO ALTO, California — Xerox Holdings Corp. (NYSE: XRX) said it landed $24 billion in financing over the weekend as it attempts to acquire HP Inc. (NYSE: HPQ), the latest development in a takeover saga that could affect hundreds of employees in Fort Collins.

The Norwalk, Connecticut-based printer maker released a previously confidential letter from Citigroup, Mizuho Bank and Bank of America to provide the funding for “Project Late Night,” the proposed takeover’s codename.

In a separate letter to HP CEO Enrique Lores and board chairman Chip Bergh, Xerox said it secured the funding to remove doubt that the company could afford to finance the acquisition and reiterated its offer to begin in-person talks.

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Xerox launched a hostile takeover of HP in early December after the company rejected an initial $22 per share bid, called it “unsolicited” and an undervaluation of the computing giant. The offer was particularly unusual because Xerox, which reported $9.22 billion in revenue in the past 12 months, is significantly smaller than HP, which brought in $58.7 billion.

HP is a longtime tech employer in Northern Colorado, despite consolidating its previous offices in Loveland and Greeley to its current Fort Collins campus. Approximately 600 people currently list themselves as HP employees in Fort Collins and the Denver metro area, according to LinkedIn data.

The deal would not affect Hewlett Packard Enterprise Inc. (NYSE: HPE), a spinoff company from HP that also has significant operations in Fort Collins.

Editor’s note: This story was edited to correct the spelling of HP CEO Lores’ name.