Xerox (XRX) announced it has completed the separation of Conduent Incorporated (CNDT), creating two market-leading, publicly- traded companies.

Xerox's focus on growing its global leadership in digital print technology and services will help customers innovate how they communicate, connect and work more productively.

The company's financial model and revitalized business strategy will enable strong free cash flow generation and margin expansion, as well as targeted investments in attractive growth areas, such as document outsourcing and solutions for small- and medium-sized businesses. Under the terms of the separation, on the distribution date of Dec. 31, 2016, Xerox shareholders received one share of Conduent common stock for every five shares of Xerox common stock they held as of the close of business on Dec. 15, 2016, the record date for the distribution. In connection with the spin-off, Xerox received a cash transfer from Conduent of $1.8 billion, which it intends to use, along with cash on hand, to retire approximately $2.0 billion in debt.