Millennium Trust Co. is purchasing health savings account company PayFlex Holdings from CVS Health for an undisclosed amount.
The acquisition will significantly expand the Oak Brook, Ill.-based Millennium Trust platform to include HSAs, health reimbursement accounts, flexible spending accounts, COBRA administration and direct-billing services, according to an April 5 news release from Millennium.
Millennium says it will grow Omaha, Neb.-based PayFlex from 2.4 million members and over 2,500 clients to 5 million individual client accounts and $47 billion of total assets under administration.
Millennium will also enter into a long-term commercial relationship with CVS Health subsidiary Aetna to maintain PayFlex as the payer's preferred provider of HSAs and other consumer-directed benefit solutions for existing and prospective members.
Finalization of the acquisition is expected in the second quarter. The two companies will remain independent until then.