On January 7, Xerox Holdings Corporation (NYSE: XRX) announced that it has obtained $24 billion in binding financing commitments from Citigroup Global Markets Inc., Mizuho Bank, Ltd. and Bank of America, N.A. to back its $33.5 billion bid to buy HP Inc. (NYSE: HPQ), the largest-ever bridge loan in the technology sector. King & Spalding is serving as lead company counsel for Xerox on the proposed transaction.
The King & Spalding team is led by partners James (Jim) Woolery, Keith Townsend, Timothy Fesenmyer, Eric Belenky, Rob Leclerc and Elizabeth Morgan.
K&S previously advised Xerox’s third-largest shareholder Darwin Deason when he sought to block a proposed $6.1 billion transaction between Xerox and FUJIFILM Holdings Corporation, ultimately securing an injunction that prevented the transaction and led to a settlement resulting in a new slate of Xerox directors. Since then, K&S has represented Xerox in implementation of its holding company structure with Xerox Holdings Corporation becoming the new public parent company and in the restructuring of its relationship with FUJIFILM, including the $2.3 billion sale of its interest in certain joint ventures with FUJIFILM and dismissal, with prejudice, of a $1 billion FUJIFILM lawsuit against Xerox related to the prior proposed transaction.