UPDATE: Conduent sells Buck Consultants to H.I.G. Capital
Conduent has announced it is to sell its human resource consulting and actuarial business - the part of the firm formerly known as Buck Consultants - to private equity investor, H.I.G. Capital.
The services firm said the businesses, which represent approximately $278m (£245m) of the company's 2017 revenue, are part of the previously announced plan to divest non-core assets across the company.
As part of the deal, Conduent will retain a number of assets of the firms - including the human resources outsourcing, total benefits outsourcing, BenefitWallet and RightOpt parts of the business.
Conduent HR Services is currently the 10th biggest pensions consulting business in the UK in terms of revenues according to PP analysis of 2016 accounts, with turnover of around £50m.
Conduent group chief executive for consumer & industrials Christine Landry said: "With this divestiture, our Human Resource Services business is now built around a diverse set of services supported by a portfolio of digital business platforms.
"Together with our recent leadership hires and platform improvements, we are well positioned to help our clients modernize their HR processes, create seamless experiences for their employees and accelerate our growth in HR services."
It is understood the divested business will continue to be led globally by Steve Coco, who is currently global consulting leader at Conduent. The UK business will continue to be led by David Piltz, who is currently UK managing director at Conduent HR Services. Commenting on the deal on LinkedIn, Piltz said the business would be "ideally positioned to thrive and grow well into the future".
The transaction, which is subject to regulatory approval is expected to close in the third quarter of 2018.
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