Xerox and Fujifilm have inked a definitive agreement to combine Xerox and their Fuji Xerox joint venture for $6.1 billion. Fujifilm will have a controlling interest in the new entity.

The combined company, with annual revenues of $18 billion, expects to be a global leader in innovative print technologies and intelligent work solutions. FujiXerox will have dual headquarters in Connecticut and Japan. It will maintain the Xerox and FujiXerox brands within respective operating regions.

The proposed transaction provides Xerox shareholders with cash at closing, as well as an interest in the new company. The new FujiXerox will have enhanced global scale and reach, innovation capabilities and an improved financial profile to provide flexibility to support strategic investments in growth. The transaction is expected to close in the second half of calendar year 2018. Following that, Jeff Jacobson will serve as chief executive officer of the new Fuji Xerox.

Last week Xerox said it negotiated an early termination of its lease in downtown Rochester. Employees who worked in the iconic downtown location will move to Xerox’s campus in Webster.