Florham Park-based business services company Conduent Inc. has agreed to sell its commercial vehicle operations unit to investment funds managed by Alinda Capital Partners, it announced Friday.
The transaction is part of a previously announced plan to divest noncore assets worth about $250 million to $500 million in revenue. The CVO business generated approximately $70 million in revenue in 2017.
“As we continue on our path focused on our core business to drive profitable growth and divest noncore assets, we made the decision to sell our CVO business,” Dave Amoriell, Conduent’s president, said in a prepared statement. “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 is expected to close in the second quarter, pending customary approvals and conditions. Full financial terms were not disclosed.
Citigroup Global Markets Inc. is Conduent’s exclusive financial adviser, while Cravath Swaine & Moore LLP is legal counsel.
