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ADP to spin off dealer services business to a public company

Kohlerphoto | Vetta | Getty Images

Payroll processor Automatic Data Processing said its board had approved a tax-free spinoff of its dealer services business into an independent publicly traded company.

ADP expects to receive at least $700 million from the spinoff, which is expected to be completed in the early part of the fourth quarter of this year, the company said in a statement.

By Reuters

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