) has agreed to sell its subsidiaries that provide employer voluntary benefits to StanCorp Financial Group in a $2 billion cash deal, the company said in a regulatory filing on Tuesday.
The sale is the first step in insurer's strategic decision to enable its health & benefits businesses - employer voluntary benefits, individual and group health - to realize their full growth potential by merging them with its ventures that have additional capabilities, the company said. The businesses being sold had revenues of $535 million and adjusted net income of $45 million for the first half of 2024.J.P. Morgan and Ardea Partners acted as financial advisors to Allstate while Citi acted as exclusive financial advisor to The Standard.Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors.
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