WageWorks to Be Acquired by HealthEquity for Approximately $2 Billion

On June 27, 2019, HealthEquity, the nation’s largest independent health savings account (HSA) non-bank custodian, and WageWorks, a leader in administering HSAs and complementary consumer-directed benefits (CDBs), announced that they have entered into a definitive agreement under which HealthEquity will acquire all of the issued and outstanding shares of common stock of WageWorks for $51.35 per share in cash, representing a total enterprise value of approximately $2 billion. The transaction has been approved by the boards of directors of both HealthEquity and WageWorks and is subject to WageWorks' stockholder approval, regulatory approvals, and other customary closing conditions, but is not subject to the availability of financing. It is expected to close before year-end. Wilson Sonsini Goodrich & Rosati is representing WageWorks in the transaction.

The acquisition is expected to give HealthEquity access to more of the fast-growing HSA market by expanding its direct distribution to employers and benefits advisors as a single source, premier provider of HSAs and complementary CDBs, including flexible spending accounts, health reimbursement arrangements, COBRA administration, and commuter accounts. Its focus on member engagement and remarkable service enables HealthEquity to more fully meet the needs of employers, partners, and a broader range of consumers along the continuum of health savings.

The WSGR team representing WageWorks in the transaction includes:

Corporate: 
Mark Baudler
Christina Poulsen
Rachel Nagashima

M&A:
Rob Ishii
Derek Liu
Matthew Baudler
Brian Chan
Brandon Walker
Alan Sadler

Corporate Finance:
John Mao
Dana Hall
Eric Franks
Jill Fulwiler

Employee Benefits & Compensation:
David Thomas
Brandon Gantus
Mark Cornillez-Ty

Technology Transactions:
Jamie Clessuras
Robert Parr
Rosalind Schonwald

Employment Law:
Rico Rosales
Rebecca Stuart
Neil Gulyako

Data Privacy:
Matt Staples
Allison Bender
Daniel Chen

Antitrust:
Ben Labow
Chris Williams
Robin Crauthers

Tax:
Myra Sutanto Shen

Real Estate:
Jim McCann
Sierra Bunnell

Environmental:
Martin Sul

For more information, please see the news release concerning the transaction.