MetLife (NYSE: MET), Inc is the holding corporation for Metropolitan Life Insurance Company (MLIC) is set to buy Versant Health for $1.68 billion. It is also one of the biggest global providers of insurance, annuities, and employee benefits headquartered in New York.
Versant Health is an eye health care company founded in 2015. According to MetLife more than 90% of employees are interested in having vision insurance i.e. Eye care according to MetLife has a lot of potential and is worth investing in. Currently MetLife has around 15% of share in US group benefit with over 40 million employees. Buying Versant Health will give MetLife access to Versant's 35 million consumers, and vice versa. This will help both companies flourish as Ramy Trados, President of U.S. Business of MetLife said, "The addition of the strong Davis Vision and Superior Vision brands will immediately establish MetLife as a leader in managed vision care. We look forward to offering our customers the exceptional member experiences that Versant provides."
The deal is supposed to close by the end of fourth quarter and will be done in all cash. #eyecare #dealoftheday