Xerox To Split Into Two Companies

Key Speakers At The Export-Import Bank Annual Conference 2013

Ursula Burns, chief executive officer of Xerox Corp., listens during the U.S. Export-Import Bank annual conference in Washington, D.C., U.S., on Friday, April 5, 2013. The Export-Import Bank is an independent federal agency that helps create and maintain U.S. jobs by filling gaps in private export financing at no cost to American taxpayers. Photographer: Andrew Harrer/Bloomberg via Getty Images

Photograph by Andrew Harrer — Bloomberg via Getty Images

(Reuters) – Xerox (XRX) will split into two companies and give billionaire activist investor Carl Icahn three board seats on one of the companies, the Wall Street Journal reported.

Xerox will split into one company containing its hardware operations and another housing its services business, the Journal reported, citing sources.

The WSJ said Icahn would get the board seats on the company housing the services business.

Icahn in November had disclosed a 7.1% stake in the printer and copier maker and called it’s shares “undervalued.”