HP Says Xerox Reached Out About Potential Deal

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Update, Nov. 7. 11:30 a.m. ET: HP has confirmed it received a an offer from Xerox for a "business combination," USA Today reports. It did not say whether or not it plans to continue further talks. The statement reads:

"We have had conversations with Xerox Holdings Corporation from time to time about a potential business combination," HP said in an emailed statement. "We have considered, among other things, what would be required to merit a transaction. Most recently, we received a proposal transmitted yesterday."

Original story below:

Xerox has made an offer to take over HP, CNBC reports. That's confirmation of a Wall Street Journal story suggesting the same. The offer consists of cash and stock.

The move would bring together two computing giants. Xerox is currently known for its printers and copiers, including renting and servicing them to businesses. HP is one of the world's biggest PC manufacturers and is known for consumer printers and peripherals. (Hewlett-Packard Enterprise, or HPE, is a separate company that was split from HP and includes servers and storage for enterprise).

Representatives from both companies didn't immediately respond to requests for comment, but we will update this story if they reply. HP told CNBC that it "doesn't comment on rumors."

Xerox's market cap is $8.05 billion, per CNBC, far less than HP's market value of $27.3 billion.

Enrique Lores started as CEO at HP on November 1, after former chief executive Dion Wiesler stepped down because of family health issues. In October, HP announced it would cut up to 16% of its workforce to cut costs.

Andrew E. Freedman is a senior editor at Tom's Hardware focusing on laptops, desktops and gaming. He also keeps up with the latest news. A lover of all things gaming and tech, his previous work has shown up in Tom's Guide, Laptop Mag, Kotaku, PCMag and Complex, among others. Follow him on Threads @FreedmanAE and Mastodon @FreedmanAE.mastodon.social.