CONDUENT Inc (CNDT): M&A transaction — Conduent receives $164M from HealthEquity for first tranche of HSA portfolio sale

CONDUENT Inc

Received $164M from HealthEquity for first tranche of BenefitWallet HSA/MSA portfolio transfer.
Remaining two tranches expected to close by May 9, 2024, total purchase price up to $425M.
Proceeds will be used to voluntarily prepay Senior Secured Term Loan B; Bank of America notified.
Pro forma for 2023 shows net loss reduced to $49M from $296M, with revenue down $118M.
After-tax gain on sale estimated at $304M in equity adjustment on balance sheet.

item 2.01 item 8.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

M&A Transactions SEC 8-K Item 2.01/5.01 confidence 0.9

CONDUENT Inc completed a disposition involving HealthEquity, Inc. for $425 million (closed 2024-03-07).

Action: disposition
Counterparty: HealthEquity, Inc.
Consideration: $425 million
Closing: 2024-03-07

Exact text from the filing

in the Purchase Agreement. The Purchase Agreement provides that HealthEquity will, over the course of the several Conversion Dates, pay to CBS an aggregate purchase price of $425 million (the "Purchase Price"), subject to a purchase price adjustment following the Final Conversion Date based on the amount of HSA and MSA assets actually transferred, as

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CONDUENT Inc filing history →

Source: SEC EDGAR

accession 0001677703-24-000044

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