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Conduent agreed in May 2018 to sell its commercial vehicle operations (CVO) business to investment funds managed by Alinda Capital Partners. The deal closed on June 28, 2018. CRN framed the sale as part of Conduent’s effort to shed non-core operations after Xerox spun off its business services division to form Conduent in 2016. This is a historical account of the company’s 2018 plans and transaction, not a description of its current portfolio.
What Conduent agreed to sell
On May 18, 2018, Conduent announced an agreement to sell its commercial vehicle operations business to investment funds managed by Alinda Capital Partners. The proposed sale was subject to regulatory approval and other closing conditions at the time of the announcement. Conduent was created in 2016 when Xerox separated its business services division.
The CVO business served commercial vehicle-related operations. CRN reported that it generated about $70 million in revenue in 2017. Conduent later reported $66 million in CVO revenue for 2017 in its third-quarter 2018 Form 10-Q. Those are figures from different sources; neither should be confused with the sale proceeds.
When the Alinda sale closed
Conduent announced that the transaction was complete on June 28, 2018. Its subsequent SEC filing reported total cash proceeds of $403 million after a third-quarter working-capital adjustment and a pretax gain of $77 million. The proceeds and gain describe the completed transaction; CVO’s 2017 revenue describes a prior year of business activity.
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How the sale fit Conduent’s 2018 divestiture plans
Conduent president Dave Amoriell said the company was focusing on its core business and divesting non-core assets. He said the CVO sale would let Conduent increase its focus on technology platforms serving large enterprise customers and scalable business relationships. That was management’s stated rationale and expected benefit, not a separately measured outcome.
The scale of the broader divestiture program was described differently in the two 2018 accounts. CRN reported a plan to divest up to $500 million in assets. In its June 28 completion release, Conduent described a broader plan to divest non-core assets associated with approximately $1 billion in revenue. The figures use different measures and dates; the $1 billion figure was not the CVO purchase price.
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| Figure | What it describes | Source and date |
|---|---|---|
| About $70 million | CVO revenue in 2017, as reported by CRN | CRN, May 18, 2018 |
| $66 million | CVO revenue in 2017, as later reported by Conduent | Conduent Q3 2018 Form 10-Q |
| Up to $500 million | Assets in the divestiture plan described by CRN | CRN, May 18, 2018 |
| Approximately $1 billion | Revenue associated with the broader non-core divestiture plan | Conduent, June 28, 2018 |
| $403 million | Total cash proceeds after a working-capital adjustment for the CVO sale | Conduent Q3 2018 Form 10-Q |
| $77 million | Pretax gain after that adjustment | Conduent Q3 2018 Form 10-Q |
Other actions and businesses mentioned in 2018
CRN also reported that Conduent sold the former ACS Dallas headquarters in 2017, closed approximately 130 offices, and announced a sale of its non-core consulting and actuarial business, formerly known as Buck Consultants, to H.I.G. Capital. The article said Conduent expected to focus on digital business platforms and retain Human Resources Outsourcing, Total Benefits Outsourcing, BenefitWallet, and RightOpt. These were descriptions of the company’s plans and portfolio in 2018, not confirmation of its present-day operations.
For the CVO transaction, CRN identified Citigroup Global Markets as Conduent’s exclusive financial adviser and Cravath, Swaine & Moore as its legal counsel.
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Sources
- CRN, “Conduent Continues Divestitures After Xerox Split,” May 18, 2018
- Conduent, “Conduent Completes Sale of its Commercial Vehicle Operations Business to Alinda Capital Partners,” June 28, 2018
- U.S. SEC, Conduent Q3 2018 Form 10-Q
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