Xerox (XRX) this morning said its Affiliated Computer Services unit has agreed to acquire ExcellerateHRO, a global benefits administration and relocation services company, from Hewlett-Packard (HPQ) for $125 million.
In a statement, the company noted that this is the first acquisition by Affiliated since Xerox closed its acquisition of that company in February, and “clearly signals” a long-term commitment to building a “robust, global HR services business.” Xerox also notes that the deal will make the company one of the world’s largest pension administrators and health and welfare outsourcing service providers. It also more than doubles the company’s relocation services business.
For reasons that have to do with a massive stock sell-off today, and not this deal, XRX is off 45 cents, or 5%, to $8.50.
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