Cleary Gottlieb is representing Voya Financial Inc. (Voya) in the acquisition of Benefit Strategies LLC (BSL).
The transaction is expected to close in the third quarter of 2021, subject to customary closing conditions.
In addition to significantly adding to Voya’s existing health savings and spending accounts business, the transaction will further enable Voya to leverage its expertise and capabilities in its Investment Management business, which currently manages invested assets in Voya’s health savings accounts.
BSL is a leading third-party administrator of health savings and spending accounts, providing administrative services for COBRA, direct billing, flexible spending accounts (FSAs), health savings accounts (HSAs), health reimbursement arrangements (HRAs), and other services to more than 3,400 employers and nearly 370,000 participant accounts throughout the U.S.
For more information, see the press release here.