Xerox Corp will split into two companies and give activist investor Carl Icahn three seats on the board of one of the companies, the Wall Street Journal reported.

One of the companies will house Xerox’s hardware operations and the other its services business, the Journal reported on Thursday, citing people familiar with the matter. (on.wsj.com/1Tqk0bj)

Icahn will be given the seats on the board of the company holding Xerox’s services business, the Journal reported.

Xerox declined to comment on the report.

Icahn disclosed a 7.1 percent stake in the printer and copier maker in November and called its shares “undervalued”.

Xerox is expected to announce the split on Friday when it reports quarterly results, the Journal said.

(Reporting by Anet Josline Pinto in Bengaluru; Editing by Savio D’Souza and Kirti Pandey)

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