Conduent Inc., a provider of diversified business services, has entered into a binding agreement to sell its commercial vehicle operations business to investment funds managed by Alinda Capital Partners Ltd., an infrastructure investment firm.

The transaction is part of the previously announced Conduent plan to divest $250 million to $500 million in revenue associated with noncore assets.

The transaction is expected to close during the second quarter and is subject to certain regulatory approval and customary closing conditions. Until then, this business will continue to be part of Conduent and Conduent Transportation.

Citigroup Global Markets Inc. is serving as an exclusive financial adviser and Cravath Swaine & Moore LLP is serving as legal counsel to Conduent.