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Voya Financial this week announced that it has reached a definitive agreement to purchase Benefitfocus. Voya will acquire all outstanding shares of Benefitfocus common stock for $10.50 per share in an all-cash transaction valued at approximately $570 million, inclusive of Benefitfocus debt and outstanding preferred shares.

Benefitfocus serves brokerage and consulting firms in the health and benefits industry and, through its employer and health plan customers, touches more than 25 million lives on its platform. Combined with its own existing workplace customers, Voya will serve approximately 38 million individuals, or roughly 1 in 10 Americans, following completion of the acquisition.

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