Great-West Lifeco Inc. announced Monday its U.S. unit will buy an 80% stake in Benefit Management Corp., a U.S. third-party health plan administrator.
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The deal would add nearly 90,000 medical members to Great-West’s healthcare division, the company said. The price of the deal, expected to close this quarter, was not disclosed.
Great-West, one of Canada’s largest insurers, said the transaction should be accretive to earnings beginning this year. The insurer, which is based in Toronto, is controlled by Montreal’s Power Financial Corp. Its U.S. unit is Great-West Life & Annuity.
