HEALTHEQUITY, INC. (HQY): M&A transaction — HealthEquity completes $425M BenefitWallet acquisition; adds 616K HSAs, $2.7B in assets

HEALTHEQUITY, INC.

Acquired ~616,000 HSAs and $2.7B in HSA assets from Conduent for $425M; funded with $225M revolver and cash.
HealthEquity now serves >9M HSA members and >16M total accounts.
Approx. 34% of acquired assets are HSA investments; >85% of HSA cash in Enhanced Rates.
Company targets doubling fiscal 2024 non-GAAP EPS by fiscal 2027, with deal as a downpayment.

Key facts

Extracted from this filing and checked against the source text.

M&A Transactions SEC 8-K Item 2.01/5.01 confidence 0.9

HEALTHEQUITY, INC. completed an acquisition involving Conduent Business Services, LLC for $425.0 million (closed 2024-05-09).

Action: acquisition
Counterparty: Conduent Business Services, LLC
Consideration: $425.0 million
Closing: 2024-05-09

Exact text from the filing

On May 9, 2024, HealthEquity and Conduent completed the transactions contemplated by the Purchase Agreement. Pursuant to the Purchase Agreement, approximately 616,000 health savings accounts and other accounts and $2.7 billion of HSA assets were transferred from Conduent to HealthEquity in three separate tranches for an aggregate purchase price of $425.0 million.

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HEALTHEQUITY, INC. filing history →

Source: SEC EDGAR

accession 0001428336-24-000022

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