Billionaire investor Carl Icahn has sold his approximately 18% stake in Conduent (NASDAQ:CNDT) back to the business services provider for around $132 million.
Conduent announced on Monday that it paid $3.47 per share for the more than 38.1 million shares held by Icahn and his affiliates, matching Friday's closing price for the company based in Florham Park, N.J.
The company’s shares jumped 3.7% at the market open on Monday.
Icahn's stake had made him Conduent's largest shareholder, according to FactSet data.
Following the sale, Icahn representatives Hunter Gary, Jesse Lynn, and Steven Miller, who were serving as Conduent directors as part of an agreement between Icahn and Xerox, have resigned from the Conduent board.
Conduent said that it funded the repurchase using cash on hand and its credit facility.