Aetna To Acquire Privately Held Bswift For About $400 Mln - Quick Facts

(RTTNews) - Aetna (AET) announced Monday that it agreed to acquire privately held bswift, which provides a technology platform that offers a retail shopping experience for health insurance exchanges and employers nationwide. The purchase price is about $400 million, which Aetna expects to finance with available resources. bswift also offers benefits administration technology and services to employers.

The transaction is subject to customary closing conditions, including Hart-Scott-Rodino antitrust regulatory approval. The acquisition is expected to close before the end of the year. As financed, the transaction is expected to be neutral to 2014 and 2015 operating earnings per share.

Based in Chicago, bswift was founded in 2000 and has approximately 380 employees. Bswift has experience in handling public, private and broker exchanges and serving employer groups of all sizes. Bswift is currently owned by its employees and numerous investors, including Great Hill Partners, a private equity firm.

Bswift will operate as a separate business within Aetna under its existing leadership structure.