Xerox CEO Ursula Burns, ACS President, CEO Lynn Blodgett

The world’s largest printer and document copier provider, Xerox, has announced (Xerox webinar) today the company has reached a deal to acquire data management and processing firm Affiliated Computer Services for $6.4 billion.

Under the plan that still requires regulatory and shareholder approval, Xerox would pay $18.60 cash per share and would give 4.935 Xerox shares for everyone single share ACS shareholders own.

Equivalently, Xerox would pay $63.11 per ACS share, more than a 20-percent premium over the $53.99 ACS price is trading at as of 11:06am today.

ACS shares opened up more than 14-percent today.

Xerox would also take-on $2 billion in debt and would also issue $300 million in convertible preferred stock to Class B ACS owners.

ACS is expected to generate $7 billion ($4.18) in total revenue by the end of 2009.

Xeorx confirmed ACS would contribute positively in the first year for Xerox by the end of this fiscal year.

Xerox CEO Ursula Burns said today in a statement, “By combining Xerox’s strengths in document technology with ACS’s expertise in managing and automating work processes, we’re creating a new class of solution provider,”