Quarterhill to Acquire Conduent Tolling Business in $70 Million Deal

The transaction, expected to close in the fourth quarter of 2026, combines the two entities into a platform with a projected $2 billion backlog. By integrating Conduent’s end-to-end electronic tolling and back-office operations, Quarterhill intends to scale its footprint across the United States and the United Kingdom. Management anticipates the combined business will generate over $400 million in annual revenue, targeting adjusted EBITDA margins between 10% and 15% following planned synergies.

Rusty Lewis, Chairman of the Quarterhill Board, described the acquisition as a transformational step that leverages Conduent’s established agency relationships and technical expertise. To fund the deal, Quarterhill plans to utilize debt financing, while the shares issued to Conduent will be subject to a staggered 6-to-12-month lock-up period. The deal remains subject to approval by the Toronto Stock Exchange and other customary closing conditions.