In February 2025, CRN reported—citing Reuters and unnamed sources—that Conduent was discussing a possible sale with potential buyers, including private-equity firms. The report did not confirm a signed deal, name any bidders, or establish that Conduent itself was acquired. By October 8, 2026, Conduent had completed a sale of its Public Transit Business to Modaxo and had separately agreed to sell its Tolling business to Quarterhill; the latter transaction was still pending in the company’s latest cited update.
What did the 2025 report say?
CRN published its report on February 7, 2025, attributing the account to Reuters, which in turn cited unnamed sources. CRN said Conduent was speaking with multiple potential acquirers, including private-equity firms, and was working with a financial adviser. It also reported that a deal could be completed within several weeks. That timing was a possibility described in the report, not evidence that a transaction had been agreed or completed. CRN’s February 7, 2025 report said Conduent had not responded to its request for comment by publication time.
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The source available for the report does not identify potential buyers or confirm the talks with a statement from Conduent. The report should therefore be understood as attributed reporting based on unnamed sources—not as an announcement of a sale agreement.
What happened to Conduent afterward?
Later company disclosures describe sales of two businesses, not a completed acquisition of Conduent as a whole. The Public Transit Business sale to Modaxo closed on October 1, 2026. The separate agreement to sell the Tolling business to Quarterhill was still described as pending in Conduent’s October 1, 2026 release. Conduent’s closing announcement and its October 1 release distinguish these divestitures from the earlier sale-talk report.
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Public Transit: sold to Modaxo
Conduent agreed to sell the equity interests in Conduent Transport Solutions and certain non-U.S. subsidiaries that made up its Public Transit Business to Modaxo. The business included Transit Fare Management and Fleet Management Solutions and operated across North America, Europe, Australia, the Middle East and Latin America. The announced base purchase price was $164 million, subject to customary adjustments. Conduent’s SEC filing says the company received $140 million in cash at closing after holdbacks and other closing adjustments.
The filing identifies a $10 million purchase-price holdback, held for up to one year for net tangible asset adjustments, and a $12 million special holdback tied to target completion dates for a former customer. Conduent also said it transferred $15 million to the buyer at closing, expected $3 million in transaction costs and $7 million in income taxes in the fourth quarter of 2026, and intended to apply $125 million of net proceeds to its revolving credit facility. These are distinct amounts and adjustments; the $164 million base price is not the same as cash received at closing or net proceeds.
Tolling: agreement with Quarterhill remains pending
On June 30, 2026, Conduent announced an agreement to sell its Tolling business to Quarterhill for $70 million in cash, with Quarterhill to assume most associated liabilities, including surety bond obligations. In its October 1, 2026 update, Conduent said it expected the transaction to close before the end of 2026. That was the company’s expectation, not a confirmation of closing. The agreement announcement and October 1 update provide the stated terms and status.
| Business | Buyer | Status as of October 8, 2026 | Announced consideration |
|---|---|---|---|
| Public Transit | Modaxo | Closed October 1, 2026 | $164 million base price, subject to customary adjustments; Conduent reported $140 million cash received at closing after holdbacks and adjustments. |
| Tolling | Quarterhill | Pending in Conduent’s October 1, 2026 release | $70 million cash; buyer to assume most associated liabilities, including surety bond obligations. |
The announced figures are not directly comparable measures of net proceeds: one is a base price for a closed sale with specified holdbacks and adjustments, while the other is the cash consideration in a pending agreement that also includes liability assumption.
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Does this mean Conduent was sold?
No. The available disclosures establish a completed sale of the Public Transit Business and a pending agreement for the Tolling business. They do not establish that Conduent as a whole was acquired or that the 2025 discussions resulted in a whole-company transaction.
Why is Conduent selling these businesses?
Conduent has described divestitures as a way to simplify its portfolio, focus on core businesses and strengthen its financial foundation. CEO Harsha V. Agadi said the Public Transit divestiture was an important step toward those aims. The company also said that completing the Tolling sale would result in its exit from the Transportation segment. That exit was conditional on the anticipated Tolling closing; management’s stated rationale and expected outcome are not guarantees of future financial results.
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