Conduent Incorporated (NASDAQ:CNDT) shares surged 15% in premarket trading Friday after announcing a definitive agreement to sell its Public Transit business to Modaxo for $164 million.
The deal includes Transit Fare Management and Fleet Management Solutions. It is expected to close by end of 2026, subject to regulatory approvals.
CEO Harsha V. Agadi said: "This transaction advances our strategy to simplify the portfolio and strengthen our financial foundation."
Conduent will retain its Tolling business, which handles over 14 million transactions daily.
The company is based in Florham Park, New Jersey, and provides technology-driven business solutions globally.
