Payroll processor ADP to spin off dealer services business

April 10 (Reuters) - Payroll processor Automatic Data Processing Inc 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.

(Reporting by Neha Dimri in Bangalore; Editing by Kirti Pandey)