Quarterhill has agreed to acquire substantially all of the assets of the tolling solutions business of Conduent Business Services and certain affiliates.
Under the agreement, Quarterhill will pay $70 million in cash, subject to customary adjustments, and issue common shares representing seven percent of its outstanding shares at closing. The transaction is expected to close in the fourth quarter of 2026, subject to customary closing conditions, including Toronto Stock Exchange approval. Upon closing, the combined business is expected to have an approximately $2 billion backlog, generate more than $400 million in annual revenue on a pro forma basis after planned synergies, and approximately triple Quarterhill’s tolling revenue.
The Conduent tolling business provides end-to-end tolling services for government transportation agencies primarily in the United States and the United Kingdom. Its capabilities include electronic toll collection, Open Road Tolling, All Electronic Tolling, vehicle detection and classification, automated license plate recognition, payment processing, customer care, invoicing, video processing, analytics and related back-office and roadside systems.