Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON

MarketScreener Homepage  >  News  >  Economy & Forex

News : Latest News
Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance Pro.CalendarSectors 
All NewsEconomyCurrencies & ForexEconomic EventsCryptocurrenciesCybersecurityPress Releases

MetLife to buy PE-backed Versant Health for $1.68 billion

share with twitter share with LinkedIn share with facebook
09/17/2020 | 08:46am EDT
A MetLife Inc  building is shown in Irvine, California

Insurer MetLife Inc said on Thursday it will buy vision-care benefits company Versant Health for $1.68 billion from an investor group led by Centerbridge Partners and FFL Partners, to strengthen its vision insurance business.

The deal, which is expected to close in the fourth quarter of 2020, will add to the insurer's earnings and free cash flow, MetLife said.

Once the deal is completed, MetLife will become the third largest vision insurer in the U.S. by membership, according to the company.

The addition of Davis Vision and Superior Vision brands will establish MetLife as a leader in managed vision care, said Ramy Tadros, president of U.S. business for MetLife.

Versant was formed in 2017 after Centerbridge combined Superior Vision and Davis Vision, which it acquired in 2016 and 2017 respectively.

Linthicum, Maryland-based Versant has more than 33 million members in the United States across its vision care plans, according to its website.

Reuters reported last December Centerbridge Partners was exploring a sale of Versant Health, and that it hired Barclays to run an auction.

CapM Advisors was MetLife's financial adviser, while Barclays and Centerview Partners LLC were Versant's financial advisers for the deal.

(Reporting by Abhishek Manikandan in Bengaluru; Editing by Shounak Dasgupta)


Stocks mentioned in the article
ChangeLast1st jan.
BARCLAYS PLC 1.82% 106.56 Delayed Quote.-40.68%
METLIFE, INC. 1.45% 37.85 Delayed Quote.-25.74%
share with twitter share with LinkedIn share with facebook
Latest news "Economy & Forex"
10/30Nigeria reaches out to U.S., South Korea to back WTO candidate
RE
10/30Walmart begins returning firearms, ammunition to U.S. store floors
RE
10/30PAUL JACOBS : Delta Air Lines CFO Jacobson to resign, join GM as finance head
RE
10/30China's factory activity growth slows slightly in October
RE
10/30TOSHIBA SEMICONDUCTOR : Starts Operation of Large-Scale Carbon Capture Facility ( Energy Systems & Solutions Corporation)
PU
10/30TOSHIBA : Starts Operation of Large-Scale Carbon Capture Facility
PU
10/30U.S. CDC issues framework for resumption of cruise ship operations
RE
10/30Lifted by U.S., Mexico economy rebounds 12% in third quarter from coronavirus
RE
10/30Philippines orders evacuation as world's strongest 2020 typhoon approaches
RE
10/30Ant Group's IPO sees record $3 trillion in retail demand
RE
Latest news "Economy & Forex"