Conduent Sells Public Transit Business for $164M, Simplifies Portfolio

Conduent Inc. has completed the sale of its public transit and fare collection business to Modaxo for a base purchase price of $164 million. The company received $140 million in cash at closing, with additional holdbacks totaling $22 million. Conduent intends to use the net proceeds of $125 million to repay its revolving credit facility. This divestment is a strategic move to simplify Conduent's portfolio, sharpen its focus on core businesses, and strengthen its financial foundation. The company also noted that it is progressing with the sale of its Tolling business, expected to close by year-end, which will result in Conduent exiting its Transportation segment.