HealthSmart Holdings to Acquire Wells Fargo's (WFC) Third Party Administrators
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HealthSmart Holdings has entered into a definitive agreement to acquire Wells Fargo Third Party Administrators, Inc., the medical third-party administration (TPA) business of Wells Fargo Insurance Services USA, Inc. – part of Wells Fargo & Company (NYSE: WFC). Terms of the transaction, which is expected to be completed by the end of the year, were not disclosed.
Wells Fargo TPA offers employee benefits and claims administration services for employers. HealthSmart will acquire all of the operating assets and related liabilities of the TPA. As part of the transaction, HealthSmart will assume the leases for office locations in Charleston, WV, Juneau, AK, Fayetteville, NC and Newnan, GA and nearly 600 Wells Fargo TPA employees will join HealthSmart.
Wells Fargo TPA offers employee benefits and claims administration services for employers. HealthSmart will acquire all of the operating assets and related liabilities of the TPA. As part of the transaction, HealthSmart will assume the leases for office locations in Charleston, WV, Juneau, AK, Fayetteville, NC and Newnan, GA and nearly 600 Wells Fargo TPA employees will join HealthSmart.
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