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Xerox to Sell Talegen Unit to Managers

September 10, 1997|Bloomberg News

Xerox Corp. agreed to sell one of its Talegen Holdings Inc. insurance units for $612 million, moving to concentrate on the document processing for which it is best known. The unit, Resolution Group Inc., is being sold to a group led by Michael A. Coutu, its chief executive, for $150 million in cash and $462 million of instruments linked to the company's performance, Xerox said. Resolution Group, a Chicago-based unit, was formed to pay off claims on policies that other Talegen Holdings units stopped writing, Xerox said. "With each piece of Talegen sold, we are getting closer to completing our exit from financial services," said Judd Everhart, a spokesman for the company. Shares of Stamford, Conn.-based Xerox fell 31 cents to close at $78.38 on the New York Stock Exchange.

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