Conduent agrees to divest its public transit business for $164M, triggering a 12% jump in after-hours trading.
Conduent (CNDT) will sell its public transit operating unit to Modaxo for $164M under a definitive agreement announced Thursday. The deal focuses on Conduent Transportation’s transit business, marking a strategic divestiture for the company.
Shares of Conduent climbed over 12% in extended trading following the announcement. The sale price reflects a targeted move to streamline operations, though prior financial details of the unit were not disclosed.
The transaction is expected to close in the coming months, pending regulatory approvals and customary closing conditions.