TPG in connection with a $450 million intellectual property joint venture with Xerox

On February 17, 2026, funds and accounts managed by Angelo, Gordon & Co. (“TPG”) entered into a joint venture arrangement with Xerox Holdings Corporation (NASDAQ: XRX) pursuant to which TPG provided $450 million in debt and preferred equity financing to the joint venture. In connection with the formation of the joint venture, Xerox contributed to the joint venture certain intellectual property and related assets, including the Xerox trademark.  The joint venture also entered into a long-term shared services and license agreement for Xerox’s use of the trademark and other transferred intellectual property.  The financing consists of $405 million of senior secured term loans and $45 million of preferred equity.  The proceeds of the joint venture financing were distributed to Xerox to augment liquidity, accelerate its reinvention, and opportunistically address its capital structure.

Wachtell Lipton Rosen & Katz is serving as legal advisor to TPG.