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As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowHealth insurer WellPoint Inc. said Wednesday it completed its purchase of contact lens retailer 1-800 Contacts Inc.
WellPoint did not disclose the sale price for the acquisition from private equity firm Fenway Partners, but several news outlets, citing unnamed sources, reported a price tag of $900 million.
1-800 Contacts sells contact lenses and glasses over the phone and over the web at www.contacts.com and www.glasses.com. WellPoint announced the deal June 4 and said it closed faster than expected. The company initially said the sale would be complete early in the third quarter.
WellPoint is the second-largest U.S. health insurer in terms of enrollment and revenue, and 1-800 Contacts is its first business outside of selling health care coverage. It did not disclose the terms of its purchase of 1-800 Contacts
1-800 Contacts is based in Draper, Utah, and WellPoint said it has around 3.3 million customers.
Shares of WellPoint fell $1.02, or 1.4 percent, to $70.86 per share, in Wednesday trading.
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