Florham Park-based Conduent Inc. has agreed to sell its U.S.-based human resource consulting and actuarial business, it announced Monday.
The deal also includes Bucks Consultants, Conduent’s HR and actuarial businesses in Canada and the U.K.
The businesses are being sold to H.I.G. Capital, a global private equity investment firm.
“With this divestiture, our Human Resource Services business is now built around a diverse set of services supported by a portfolio of digital business platforms,” said Christine Landry, group chief executive, Conduent, Consumer & Industrials. “Together with our recent leadership hires and platform improvements, we are well positioned to help our clients modernize their HR processes, create seamless experiences for their employees and accelerate our growth in HR services.”
In the deal, Conduent will retain certain assets within its technology platform business including Human Resources Outsourcing, Total Benefits Outsourcing, BenefitWallet and RightOpt.
The transaction is expected to close in the third quarter of 2018.
Citigroup Global Markets Inc. is serving as the financial advisor and Cravath Swaine & Moore LLP is serving as legal counsel to Conduent.