Conduent Inc. (CNDT), a technology-led business solutions and services company, announced on Monday that it has executed a deal to repurchase its shares owned by Carl Icahn through certain of his affiliates at $3.47 per share, the closing price of the company's shares on June 7.
The total repurchase price was around $132 million, funded from Conduent's cash on hand and existing credit facility.
Cliff Skelton, CEO of Conduent, said: "Following this transaction, we will continue to focus our capital allocation in the near-term on additional pay down of debt to further reduce our debt leverage ratios."
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