Conduent to pay down debt with proceeds of transactions

By Mary Katherine Stinson

Lexington, Ky., Dec. 28 – Conduent Inc. plans to use proceeds from subsidiary Conduent Business Services, LLC’s sale of its curbside management solutions and public safety solutions businesses to Modaxo and proceeds from its previously announced BenefitWallet transaction to reduce debt, according to an 8-K filing with the Securities and Exchange Commission.

The Modaxo sale is for an enterprise value of approximately $260 million, including the assumption of certain debt. It is expected to close in the first quarter of 2024 with a portion of the proceeds paid in the first quarter of 2025, subject to the satisfaction of customary closing conditions and regulatory approvals.

Conduent is a Florham Park, N.J.-based provider of business process services.

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