Xerox Corp., in an agreement with investor Carl Icahn, is splitting into two publicly traded companies – essentially breaking out the operations that it acquired with its largest-ever purchase.

The split will create an $11 billion document technology company and a $7 billion business process outsourcing company, Xerox said Friday in a statement. Icahn, the billionaire investor who disclosed a Xerox stake in November that currently stands at more than 8 percent, will select three directors on the service company’s board.

“This might help the shareholders in the short-term but does not address structural issues facing the company,’’ Anurag Rana, an analyst with Bloomberg Intelligence, said. He wrote earlier this month that Xerox in 2015 had “continued to suffer” from declines in legacy information technology business.

Xerox reported fourth-quarter revenue of $4.7 billion, in line with the average analyst estimate. Profit, excluding some items, was 32 cents a share, beating the average analyst estimate of 28 cents.

Xerox acquired Affiliated Computer Services in 2010 for $6.2 billion, to help the company build its technology services and supplement its declining hardware operations. The deal allowed Xerox to expand into markets including managing and automating electronic payments for governments, processing claims for insurers and even operating parking lot pay stations. Last year, Xerox sold its IT outsourcing business to Atos SE for $966 million. Chief Executive Officer Ursula Burns said at the time the divestiture would allow the company to focus on building out the two other services.

ACS reported $6.5 billion in sales and $349.9 million in net income for the year ended June 30, 2009, the last full year before being acquired. At that time, about 40 percent of the company’s revenue came from providing the business process outsourcing and and IT services to government clients, which included servicing student loans for the U.S. federal government.

ACS was then also the only servicer for the portion of federal loans originated by the government, about one-fourth of the volume. After the Education Department switched to originating loans itself in July 2010 instead of using private lenders, competitors took away ACS’ dominant position, and the company no longer services new loans.