Conduent sells Curbside Management & Public Safety units to Modaxo for ~$260M

CONDUENT Inc

Enterprise value ~$260M, representing ~8x trailing 12-month adjusted EBITDA of the sold businesses.
Buyer is Modaxo, a division of Constellation Software Inc. (TSX: CSU); close expected Q1 2024, subject to regulatory approvals.
Proceeds will be used principally to reduce debt; follows previously announced BenefitWallet divestiture.
Businesses serve ~130 government clients and operate largely independently from Conduent's remaining transportation portfolio.

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