Aetna announced Wednesday it will acquire PayFlex Holdings for roughly $202 million, as the health insurer looks to expand its existing consumer fund services business.   

PayFlex, one of the largest independent account-based health plan administrators, has approximately one million accounts and 3,300 direct employer customers. Aetna says it expects to combine PayFlex and its CFS business into a single unit with two million accounts.

It says the transaction, expected to close in the second half of 2011, will be neutral to its financial results in 2011 and 2012.

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