Conduent Announces Agreement to Sell Off-Street Parking Business

Conduent Incorporated (NYSE: CNDT) announced it has entered into a binding agreement to sell its off-street parking business, including the Conduent Multipark System in France and the U.K., along with its U.S. airport parking business, to Andera Partners, an investment firm in France.

These businesses, which generate approximately $43 million in revenue are part of the announced Conduent plan to divest up to $500 million in revenue in 2018 associated with non-core assets across the company.

“Our off-street parking business primarily provides highly customized products and solutions for local clients. As part of our re-positioning as a technology platform-based digital interactions company, we are selling this business so we can focus on our large enterprise and government customers,” said David Amoriell, president, Conduent. “This business decision is consistent with our goal to remain focused on our core business and primary transportation offerings.”

The transaction, which is subject to customary closing conditions, is expected to close in the coming months.

This press release was sourced from http://www.parking-net.com/