Sidley Austin is advising private equity firm Welsh, Carson, Anderson & Stowe on its agreement to buy a controlling stake in Liberty Dental Plan Corp., a benefits administrator across 50 states.
Debevoise & Plimpton is advising Irvine, Calif.-based Liberty. Faegre Drinker Biddle & Reath is advising health insurer Anthem Inc., which has been a Liberty customer since 2010 and will acquire a minority stake in the company, according to a statement.
No financial details were disclosed for the transaction, expected to close later this year.
The agreement allows Liberty to “fast-track our investments in technology and our industry-leading dental care management programs to serve even more members,” the company’s chief executive officer, Amir Neshat, said.
Liberty is well-placed to serve its expanding market, as “demand is clearly growing for comprehensive dental services in Medicare, Medicaid and other public programs,” said Tom Scully, a general partner at Welsh, Carson and former administrator of the Centers for Medicare and Medicaid Services.
To contact the correspondent on this story: Rick Mitchell in Paris at rmitchell@correspondent.bloomberglaw.com
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