Huron To Divest Life Sciences Business To Oliver Wyman For Undisclosed Sum - Huron Consulting Gr (NASDAQ:HURN)

Huron Consulting Group Inc HURN has agreed to divest its life sciences commercial and R&D strategy, pricing, and market access strategy business (Life Sciences Business) to Oliver Wyman for undisclosed financial terms.
Oliver Wyman is a global management consulting firm and part of Marsh & McLennan Companies, Inc. MMC.
On a preliminary basis, Huron anticipates that the Life Sciences Business would have generated ~2% of total Huron revenues for the nine months ended September 30, 2021. It expects Adjusted EBITDA for the Life Sciences Business to be immaterial for the nine months ended September 30, 2021.
Huron expects the transaction to close in November 2021 and plans to use the net proceeds to reduce borrowings, purchase shares under the current authorization, and execute acquisitions.
"Looking beyond 2021, the full year 2022 revenues will reflect the impact of the sale of the Life Sciences Business. However, we do not expect any significant impact related to the sale on our Adjusted EBITDA margin % or Adjusted EPS after consideration of corporate savings related to the transaction as well as the anticipated use of the transaction proceeds," commented CFO John Kelly.
Price Action: HURN shares are trading lower by 2.86% at $50.6, while MMC is up 2.19% at $155.06 on the last check Tuesday.