TYSONS, Va.--(BUSINESS WIRE)--DXC Technology (NYSE: DXC) today announced the agreement to sell its U.S. State and Local Health and Human Services Business to Veritas Capital for $5.0 Billion.

The after-tax proceeds from the transaction will be used to pay down debt, consistent with DXC’s policy of maintaining a strong balance sheet and an investment grade credit profile. The company also announced that due to the volatile market environment and the current outlook for the fiscal 2021 transition year, it is withdrawing its previously provided forecast estimates for fiscal year 2022. As indicated during its February earnings call, the company will provide fiscal 2021 targets at its annual earnings call in May.

DXC Technology senior management will host a conference call and webcast today at 5:00 p.m. EDT. The dial-in number for domestic callers is +1-800-367-2403. Callers who reside outside of the United States should dial +1-334-777-6978. The passcode for all participants is 3917789. The webcast audio will also be available on DXC Technology’s Investor Relations website. A replay of the conference call will be available from approximately two hours after the conclusion of the call until March 17, 2020. Replay numbers can be found at the following this link. The replay passcode is also 3917789. A transcript of the conference call will be posted on DXC Technology’s Investor Relations website.