Xerox secures $24 billion funding to spearhead HP acquisition deal

Xerox has acquired $24 billion funding to proceed with its proposal to acquire IT giant Hewlett Packard (HP).

The company is now bullish on merging the two companies and is going forward with its $33 billion offer for the acquisition.

In a letter to Chip Bergh (HP’s Chairman of the Board) and Enrique Lores (HP’s CEO), Xerox’s CEO, John Visentinin had addressed the company’s capital-related concerns that lead to HP rejecting Xerox’s earlier offer made in November by mentioning said funding.

“We have always maintained that our proposal is not subject to a financing contingency, but in order to remove any doubt, we have obtained binding financing commitments (that are not subject to any due diligence condition) from Citi, Mizuho and Bank of America,” Visentin said.