Cleary Gottlieb is advising Voya Financial (Voya) in its announced agreement to acquire Benefitfocus.
Under the terms of the agreement, Voya will acquire all outstanding shares of Benefitfocus’ common stock for $10.50 per share in an all-cash transaction valued at approximately $570 million, inclusive of BenefitFocus’ debt and outstanding preferred shares.
Voya is a leading health, wealth, and investment company. Benefitfocus is an industry-leading cloud-based benefits administration technology company that serves employers, health plans, and brokers.