Conduent Announces Agreement to Sell its Commercial Vehicle Operations Business
FLORHAM PARK, N.J., May 18, 2018 /PRNewswire/ — Conduent Incorporated (NYSE: CNDT) today announced it has entered into a binding agreement to sell its commercial vehicle operations (CVO) business to investment funds managed by Alinda Capital Partners. This divestiture, which generated approximately $70 million in revenue in 2017, is part of the previously announced Conduent plan to divest $250 to $500 million in revenue associated with non-core assets.
“As we continue on our path focused on our core business to drive profitable growth and divest non-core assets, we made the decision to sell our CVO business,” said Dave Amoriell, president, Conduent. “This sale will enable us to increase focus on advancing our technology platforms that will best serve our large enterprise customers and scalable business relationships.”
The transaction, which is subject to certain regulatory approval and customary closing conditions, is expected to close during the second quarter of 2018. Until then, this business will continue to be part of Conduent and Conduent Transportation.
Citigroup Global Markets Inc. is serving as exclusive financial advisor and Cravath Swaine & Moore LLP is serving as legal counsel to Conduent.
Conduent is the world’s largest provider of diversified business services with leading capabilities in transaction processing, automation and analytics. The company’s global workforce is dedicated to helping its large and diverse client base deliver quality services to the people they serve. These clients include the majority of the Fortune 100 companies and more than 500 government entities.
Conduent’s differentiated offerings touch millions of lives every day, including two-thirds of all insured patients in the U.S. and nearly nine million people who travel through toll systems daily. Whether it’s digital payments, claims processing, benefit administration, automated tolling, customer care or distributed learning – Conduent manages and modernizes these interactions to create value for both its clients and their constituents. Learn more at www.conduent.com.
Alinda Capital Partners is one of the world’s largest and most experienced infrastructure investment firms. Alinda is a long-term investor in infrastructure assets that provide essential services to communities. Alinda’s infrastructure businesses serve over 100 million customers annually in more than 550 cities globally, and are run by a workforce of over 80,000 people. To learn more https://www.alinda.com/
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Conduent is a trademark of Conduent Incorporated in the United States and/or other countries.
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SOURCE Conduent Incorporated