As HP Enterprise Launches Elite Dragonfly in UAE, Xerox Reconsiders Takeover
Xerox Holdings Corp is aiming to take over printer and PC manufacturer, HP Enterprise. The Wall Street Journal claims that Xerox is considering an offer in cash and in equities which would exceed the market value of HP that is approx. $27 billion.
Last week, HP Enterprise appointed a new chief executive Enrique Lores as the leadership plans to cancel ideas of selling the company to a Japanese competitor, Fujifilm Holding, was restricted in April 2018. Sources claim that the acquisition was prevented by major shareholders Carl Icahn and Darwin Deason. Further, a lawsuit filed by the Fujifilm was rejected.
People aware of the matter said that Xerox has received an informal funding commitment from a major bank, known as a highly confidential letter.
In an era, where printed documentation is going out of trend with every passing day, the deal between Xerox and HP Enterprise would bring together two firms which have been making generous efforts to improve their businesses. The upcoming union might bring new opportunities to tackle with expenses – to the tune of more than $2 billion.
Early in October, HP Enterprise announced that Lores would introduce a restructuring plan that will reduce the company’s ranks by nearly 9,000 people leading to a 16 percent reduction in workforce and enabling the firm to earn annual cost savings worth $1 billion.
The printer business of HP Enterprise has been witnessing a downfall in the recent times as customers buy ink cartridges elsewhere. Giving out better than expected third quarter earnings last week, Xerox shares are up 84 percent in 2019. After the news of Fujifilm deal, stocks surged by 5 percent on November 5.
However, CEO John Visentin remains optimistic about the earnings of Xerox, hoping for bigger deals in future.
On the other hand, HP is reported to release its fourth-quarter earnings on Nov 26, after witnessing a 10 percent fall in its shares in the current year.
It seems like HP Enterprises is not going to compromise on its market share as it recently introduced the lightest compact business convertible laptop in the UAE. Named HP Elite Dragonfly, the device is sub one-kilogram ultralight PC, designed to make on the go work easier. It has been designed to introduce a new era of mobility without compromising on work.
The Head of Personal Systems Category at HP Inc. Middle East, Saudi Arabia & Turkey, George Rouppas, said, “The way people work, live and play is changing significantly. People are no longer bound to their desks and this means they need equipment that supports this lifestyle. Business professionals need to be mobile, move fast and freely in increase efficiency and productivity. With this in mind, we designed the HP Elite Dragonfly to make a bold, personal statement.”
Modifying the designing patterns and manufacturing techniques of its printers and PC, like it did in the UAE, can help HP Enterprise come out of the loss loophole that it has been experiencing since a long time now!
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