CNDT - Conduent stock gains premarket on potential separation of transportation unit

Conduent (CNDT) stock jumped 13.8% premarket Thursday after the firm said it is pursuing a separation of its transportation business through a sale or a spin-off. CNDT believes the separation will enable its commercial, govt. and transportation businesses to benefit from more focused operating models and capital allocation priorities aligned with industry-specific dynamics in their respective markets. The transportation business serves public sector transportation agencies in over 20 countries. Additional details will be disclosed as CNDT finalizes its separation plans. Until a separation is complete, CNDT will continue to operate as a single company. "We believe this separation will unlock significant value by dislodging any potential conglomerate discount and enabling a more focused approach to capital and resource allocation," said CNDT CEO Cliff Skelton.

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Conduent stock gains premarket on potential separation of transportation unit