FLORHAM PARK, N.J., April 30, 2018 /PRNewswire/ -- Conduent Incorporated (NYSE: CNDT) today announced it has entered into a binding agreement to sell its U.S. based human resource consulting and actuarial business. The deal also includes human resource consulting and outsourcing businesses located in Canada and the U.K. This business, formerly known as Buck Consultants, is being sold to H.I.G. Capital, a global private equity investment firm.
These businesses, which represent approximately $278 million of the company's 2017 revenue, are part of the previously announced Conduent plan to divest up to $500 million in revenue in 2018 associated with non-core assets across the company.
In the transaction, Conduent will retain certain assets in line with its core technology platform business, including Human Resources Outsourcing (HRO), Total Benefits Outsourcing (TBO), BenefitWallet® and RightOpt®.
"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."
The transaction, which is subject to certain regulatory approval and customary closing conditions, is expected to close in the third quarter of 2018.
Citigroup Global Markets Inc. is serving as exclusive financial advisor and Cravath Swaine & Moore LLP is serving as legal counsel to Conduent.
Showcasing its commitment, Conduent recently announced the appointment of Tracy Amabile to lead Conduent Human Resource Services.
Conduent is the world's largest provider of diversified business services with leading capabilities in transaction processing, automation and analytics. The company's global workforce is dedicated to helping its large and diverse client base deliver quality services to the people they serve. These clients include a majority of the Fortune 100 companies and more than 500 government entities.
Conduent's differentiated offerings touch millions of lives every day, including two-thirds of all insured patients in the U.S. and nearly nine million people who travel through toll systems daily. Whether it's digital payments, claims processing, benefit administration, automated tolling, customer care or distributed learning – Conduent manages and modernizes these interactions to create value for both its clients and their constituents. Learn more at www.conduent.com.