MetLife Acquires Versant Health
MetLife, Inc. (NYSE: MET) has entered the healthcare M&A market. Last week, the company announced the acquisition of Versant Health, the parent company of Davis Vision and Superior Vision, two major vision care and insurance brands with a combined 35 million members. Centerbridge Partners and an investor group including FFL Partners are selling Versant Health in this acquisition. Centerbridge started exploring the sale of Versant Health in late 2019 when it brought on Barclays to auction off its portfolio company. Metlife is purchasing Versant Health in an all-cash transaction valued at $1.68 billion. With this acquisition, MetLife becomes the third-largest U.S. vision insurer by... Read More »
Benefytt Technologies Gets New PE Investment
Madison Dearborn Partners, the Chicago-based private equity firm, isn’t a major investor in the healthcare market, especially compared with some other firms, but it did announce a new acquisition in July. The private equity firm purchased Benefytt Technologies, Inc. (NASDAQ: BFYT) for $420.7 million. Madison Dearborn paid $31 cash per share (13.57 million shares), a 59% premium over the 30-day volume-weighted average price per share of Benefytt’s common stock through the close of trading on July 10, 2020. Benefytt Technologies develops and operates private e-commerce health insurance marketplaces, purchaser engagement platforms, agency technology systems and insurance policy... Read More »
Molina Healthcare is Expanding Fast With New Acquisitions
Molina Healthcare, Inc. (NYSE: MOH) has been on an M&A marathon for the past year, expanding into multiple new states and increasing its presence in others. On July 17, the company acquired certain assets related to the Medicaid and Dual Eligible Special Needs Plans (DSNP) lines of business from Passport Health Plan in Kentucky. The deal was valued at $20 million in cash, plus contingent consideration that is payable in 2021 based on Molina’s Kentucky Health Plan’s open enrollment results in 2020. The acquisition of the Passport lines of business allows Molina to enhance operational readiness and promote continuity of care for members in advance of Molina’s... Read More »
Bravo Wellness Moves Into Performance-Based Wellness Market
On June 18 Bravo Wellness announced the acquisition of Push, a Chicago-based managed care company, for an undisclosed sum. Founded in 2008, Bravo Wellness provides employers and health plans with configurable employee wellness programs that can strengthen employee benefits and drive down long-term claims. The company has about two million members. Bravo is looking to compete in the performance-based wellness market, and Push would give them an advantage. Launched in 2011, Push leverages technology and behavioral economics to motivate people to improve their health, producing real benefits for health plans, self-insured employers, and their valued members. It also specializes in developing... Read More »
More Medicare Deals Close in May
In late April, the Social Security and Medicare Trustees released two reports on the financial state of their respective programs, and you’ve probably guessed, the outlook is grim. Without accounting for the adverse economic or health consequences of COVID-19, the organizations find Medicare Part A, which covers inpatient hospital care, skilled nursing facility, hospice, lab tests, surgery, and home health care, will face insolvency in six years. Considering COVID-19 is dealing heavy blows to healthcare services as a whole, it’s fair to say the pandemic is draining funds even faster. However, there is temporary relief for the market. The CARES Act passed by Congress promised... Read More »Schedule a demo
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