Kirkland & Ellis advised Millennium Trust Company, LLC, a leading provider of retirement and financial services for employers, institutions, advisors, and individuals, on its acquisition of PayFlex Holdings, Inc., a provider of health savings accounts (HSAs) and consumer-directed benefit administration services, from CVS Health Corporation. In connection with the acquisition, Millennium Trust will enter into a long-term commercial relationship with affiliates of Aetna Inc., a CVS Health company. Financial terms of the transaction have not been disclosed. The acquisition is expected to close in the second quarter of 2022 and is subject to customary closing conditions.
The Kirkland team was led by corporate partner Armand Della Monica and associates Matthew Fisher and Han Park, and included support from corporate partner Constantine Skarvelis. The team also included debt finance partners Ashley Gregory and John Kefer, and technology & IP transactions partner Matthew Lovell and associate Kevin Jacobsen.