Conduent sells BenefitWallet HSA portfolio to HealthEquity for $425M

CONDUENT Inc

Purchase price of ~$425M for transfer of all BenefitWallet HSA accounts including 665,000 customer accounts and $2.7B in HSA assets to HealthEquity.
Transaction expected to close in multiple tranches during first half of 2024, subject to regulatory approval and customary conditions.
CEO Clifford Skelton stated the deal demonstrates progress on portfolio rationalization plan; Conduent intends to maintain modest net leverage with proceeds.
HealthEquity (HQY) will become custodian of HSA accounts; Conduent continues providing other benefit administration services.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

CONDUENT Inc entered into Custodial Transfer and Asset Purchase Agreement with HealthEquity, Inc. valued at $425 million (effective 2023-09-18).

Action: entry
Agreement: asset purchase
Counterparty: HealthEquity, Inc.
Value: $425 million
Effective: 2023-09-18

Exact text from the filing

On September 18, 2023 , Conduent Incorporated (the Company), by and through its wholly owned subsidiary, Conduent Business Services, LLC (CBS), entered into a Custodial Transfer and Asset Purchase Agreement (the Purchase Agreement) with HealthEquity, Inc. (HealthEquity), to transfer the Company’s BenefitWallet’s health savings account (HSA) and medical savings account (MSA) portfolio to HealthEquity (the Transfer).

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CONDUENT Inc filing history →

Source: SEC EDGAR

accession 0001677703-23-000054

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