TORONTO — Sun Life Financial Inc. has signed a deal to buy DentaQuest, a provider of dental benefits in the United States, for $3.1 billion.
The company says DentaQuest will become part of is Sun Life U.S. business which offers dental benefits through employers for employee benefit plans.
Sun Life says DentaQuest will more than double the size of its U.S. employee benefits business by revenue.
DentaQuest has more than 33 million members in 36 states and about 2,400 employees.
Sun Life CEO Kevin Strain says the acquisition of DentaQuest is consistent with its strategy of focusing on health and group benefits in the United States.
The transaction is expected to close in the first half of next year, subject to regulatory approvals and customary closing conditions.
This report by The Canadian Press was first published Oct. 4, 2021.
Companies in this story: (TSX:SLF)
The Canadian Press