UnitedHealth Group paid $3 billion for benefits administration platform Alegeus, according to an Aug. 10 filing with the Securities and Exchange Commission. The company had not previously disclosed a price for the deal.
In the filing, which does not directly name Alegeus, UnitedHealth said it entered an agreement in the first quarter to acquire a company in the healthcare sector for $3 billion, and completed the acquisition July 2 for $1.5 billion in cash. The remaining $1.5 billion is payable within one year.
UnitedHealth first disclosed its plan to acquire the Boston-based platform in its first quarter earnings, and Optum Financial said July 2 that it had closed the deal.
Alegeus administers consumer-directed healthcare accounts including health savings accounts, flexible spending accounts, health reimbursement arrangements, COBRA coverage, dependent care and commuter accounts. The company serves more than 26 million members and processes more than $6 billion in consumer healthcare payments each year.
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