Mergers & Acquisitions ·
Conduent completes sale of public transit business for $164M, receives $125M in net proceeds
CNDTCONDUENT Inc
Conduent completed the sale of its Public Transit Business to Modaxo for a base purchase price of $164 million. The company received $140 million at closing, with $10 million and $12 million held back for asset adjustments and customer targets respectively. After deducting transaction costs, taxes, and cash transfers, Conduent realized net proceeds of $125 million to repay its revolving credit facility. This divestiture advances the company's strategy to simplify its portfolio and exit the Transportation segment.