Wire
Conduent Agrees to Sell Tolling Business to Quarterhill for $70 Million
Conduent (CNDT) said Tuesday it has entered into a definitive deal to sell its Tolling business to Quarterhill for $70 million in cash.Quarterhill will assume most liabilities related to the business, including all surety bond obligations, further improving Conduent's financial profile, the company said.The transaction is expected to close before year-end, according to a statement.As part of the deal, Conduent will also receive a 7% interest in Quarterhill, along with registration rights and board observer rights.Shares of Conduent rose about 8% in Tuesday trading.Price: $1.38, Change: $+0.10, Percent Change: +7.81%
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