Kirkland & Ellis represented funds affiliated with Chicago-based private equity firm Madison Dearborn Partners, LLC in an agreement to acquire Benefytt Technologies, Inc., a Florida-based developer and operator of private e-commerce health insurance marketplaces.
Benefytt, which used to be known as Health Insurance Innovations Inc., offers Medicare-related and individual insurance plans from leading carriers, as well as other types of health insurance. Weil, Gotshal & Manges, which said it advised Benefytt, said the selling price was $625 million.
After the deal closes, which is expected to happen in the third quarter, Benefytt will become a private company, mainly owned by the MDP Funds and no longer traded on the Nasdaq Global Select Market. Benefytt’s management team, including CEO Gavin Southwell, is expected to continue to lead the company, which plans to maintain its operations in Tampa, a statement said.
Madison Dearborn has raised aggregate capital of over $26 billion and has completed over 140 investments since it was created in 1992, the statement said.
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