Some innovations in the Fuji-Xerox transaction raise issues for the future. Although the transaction was clearly a strategic acquisition by Fuji of Xerox, no merger transaction was proposed. Instead, the two sides entered, on January 31, 2018, into (i) a Redemption Agreement pursuant to which their joint venture (Fuji-Xerox Co., Ltd, a Japanese company) redeemed for cash Fuji's 75 percent stake in it, thereby making it a wholly owned subsidiary of Xerox, and (ii) a Subscription Agreement pursuant to which Fuji purchased 50.1 percent of the outstanding shares of Xerox for the same cash price paid by Xerox under the Redemption Agreement.