Conduent Incorporated (NASDAQ:CNDT) has announced the repurchase of all common shares held by Carl Icahn and his affiliates.

The transaction, agreed upon and finalized on June 8, 2024, involved purchasing 38,149,336 shares at $3.47 per share, totaling approximately $132 million.

The deal was funded through Conduent's available cash and existing credit facility.

Following this transaction, the Icahn Parties no longer hold any shares in Conduent.

"Our decision to repurchase shares reflects the confidence we have in our business, our strategy, and our long-term growth prospects," said Conduent CEO Cliff Skelton.

Carl Icahn added, "We believe we have left the company in good hands with Cliff and the rest of the Conduent management team. We wish them the best."

Alongside the transaction, Icahn's appointees, including Hunter Gary, Jesse Lynn, and Steven Miller, resigned from the company's board of directors.