Quarterhill has agreed to acquire substantially all assets of Conduent's tolling solutions business. The transaction is expected to nearly triple Quarterhill's tolling revenue and create a combined backlog of approximately $2 billion. On a proforma basis, the combined companies would have generated more than $400 million in annual revenue with an adjusted EBITDA margin between 10 and 15 percent. Quarterhill will pay $70 million in cash and issue common shares representing 7 percent of outstanding shares upon closing. The deal is expected to close in the fourth quarter.
Conduent IncConduent is selling a key asset, reducing its revenue and growth prospects.
Quarterhill acquires tolling business, nearly tripling revenue and creating $2B backlog.