Conduent Incorporated (CNDT) and HealthEquity (HQY) entered into a definitive agreement to transfer BenefitWallet’s Health Savings Account portfolio to HealthEquity. The agreement contemplates a purchase price of approximately $425 million for the transition of all BenefitWallet HSA accounts, including approximately 665,000 customer accounts and their approximately $2.7 billion of HSA assets to HealthEquity.The transfer of the BenefitWallet HSA assets to HealthEquity is expected to close in multiple tranches during the first half of 2024 and is subject to regulatory approval and the satisfaction of certain other customary closing conditions. With respect to use of proceeds, Conduent intends to continue with a balanced approach to capital allocation including maintaining modest levels of net leverage.
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