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MetLife to buy Versant Health for $1.675B, boosting vision insurance

September 17, 2020

MetLife (NYSE:MET) agrees to acquire Versant Health, owner of Davis Vision and Superior Vision, for $1.675B in cash, broadening its vision benefits offerings under its U.S. group benefits unit.

The business is being acquired from an investor group led by Centerbridge Partners and including FFL Partners.

Expected to be accretive to EPS and free cash flow with high teens internal rate of return; the business also provides the advantages of low capital intensity and predictable underwriting.

MET will become the third-largest U.S. vision insurer by membership.

Will finance the deal with cash on hand.

MET expects to complete its current buyback authorization by the end of 2020.

Targets completion of the acquisition in Q4.

Conference call at 8:30 AM.

https://seekingalpha.com/news/3614874-metlife-to-buy-versant-health-for-1_675b-boosting-vision-insurance-presence

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