Conduent Buys Back Carl Icahn's Stake for $132 Million

Dow Jones06-10

By Colin Kellaher

Billionaire investor Carl Icahn has sold his roughly 18% stake in Conduent back to the business-services provider for about $132 million.

Conduent on Monday said it paid $3.47 apiece for the more than 38.1 million shares held by Icahn and his affiliates, in line with Friday's closing price for the Florham Park, N.J., company.

Icahn's stake had made him Conduent's largest shareholder, according to data from FactSet.

Icahn representatives Hunter Gary, Jesse Lynn and Steven Miller, who had been serving as Conduent directors as part of an agreement between Icahn and Xerox, which spun Conduent off at the end of 2016, have resigned from the Conduent board in connection with the transaction.

Conduent said it funded the repurchase with cash on hand and its credit facility.

Write to Colin Kellaher at colin.kellaher@wsj.com

(END) Dow Jones Newswires

June 10, 2024 08:22 ET (12:22 GMT)

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