H.I.G. Capital’s Acquisition of Conduent Non-Core Consulting and Actuarial Segment of Human Resource Services Business

Citigroup Global Markets Inc. is serving as exclusive financial advisor and Cravath Swaine & Moore LLP is serving as legal counsel to Conduent.

Conduent Incorporated (NYSE: CNDT) has entered into a binding agreement to sell its U.S. based human resource consulting and actuarial business. The deal also includes human resource consulting and outsourcing businesses located in Canada and the U.K. This business, formerly known as Buck Consultants, is being sold to H.I.G. Capital, a global private equity investment firm.

These businesses, which represent approximately $278 million of the company’s 2017 revenue, are part of the previously announced Conduent plan to divest up to $500 million in revenue in 2018 associated with non-core assets across the company.

In the transaction, Conduent will retain certain assets in line with its core technology platform business, including Human Resources Outsourcing (HRO), Total Benefits Outsourcing (TBO), BenefitWallet® and RightOpt®.

Conduent Inc operates as a business process services company. The Company, led by Ashok Vemuri, Frederick S Koury and Christine Landry, specializes in transaction-intensive processing, analytics, and automation. In 2017 the company recorded $6.022 billion Revenues.

The Cravath team is led by partners Keith Hallam (Picture) and Robert I. Townsend III and includes associates Matthew G. Jones, Sanjay Murti and Ryan J. Patrone on M&A matters; partner Eric W. Hilfers and associates Matthew Cantor and Daniel P. Herrmann on executive compensation and benefits matters; partner Kara L. Mungovan and associate Kiran Sheffrin on tax matters; partner Margaret Segall D’Amico, senior attorney Jesse M. Weiss and associate Kate F. Stamell on antitrust matters; partner Matthew Morreale on environmental matters; partner David J. Kappos and associate Nicholas Kypriotakis on intellectual property matters; partner Stephen M. Kessing on finance matters; and senior attorney Joyce Law and practice area attorney Brian M. Budnick on real estate matters. Shawn M. Quinn also worked on M&A matters.

Involved fees earner: Keith Hallam – Cravath Swaine & Moore; Robert Townsend III – Cravath Swaine & Moore; Matthew Jones – Cravath Swaine & Moore; Sanjay Murti – Cravath Swaine & Moore; Ryan Patrone – Cravath Swaine & Moore; Eric Hilfers – Cravath Swaine & Moore; Matthew Cantor – Cravath Swaine & Moore; Daniel Herrmann – Cravath Swaine & Moore; Kara Mungovan – Cravath Swaine & Moore; Kiran Sheffrin – Cravath Swaine & Moore; Margaret Segall D’Amico – Cravath Swaine & Moore; Jesse Weiss – Cravath Swaine & Moore; Kate Stamell – Cravath Swaine & Moore; Matthew Morreale – Cravath Swaine & Moore; David Kappos – Cravath Swaine & Moore; Nicholas Kypriotakis – Cravath Swaine & Moore; Stephen Kessing – Cravath Swaine & Moore; Joyce Law – Cravath Swaine & Moore; Brian Budnick – Cravath Swaine & Moore;

Law Firms: Cravath Swaine & Moore;

Clients: Conduent Inc.;

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Author: Ambrogio Visconti