{"id":44581,"date":"2022-06-01T18:01:55","date_gmt":"2022-06-01T16:01:55","guid":{"rendered":"https:\/\/pharma-trend.com\/en\/millennium-trust-company-completes-acquisition-of-payflex\/"},"modified":"2022-06-01T18:01:55","modified_gmt":"2022-06-01T16:01:55","slug":"millennium-trust-company-completes-acquisition-of-payflex","status":"publish","type":"post","link":"https:\/\/pharma-trend.com\/en\/millennium-trust-company-completes-acquisition-of-payflex\/","title":{"rendered":"Millennium Trust Company Completes Acquisition of PayFlex\u00ae"},"content":{"rendered":"
\n

OAK BROOK, Ill.–(BUSINESS WIRE)–Millennium Trust Company, LLC, a leading provider of retirement, workplace, and custody services for employers, institutions, advisors, and individuals, today completed the previously announced<\/a> acquisition of PayFlex Holdings, Inc.<\/a>, a provider of Health Savings Accounts (HSAs) and other consumer-directed benefits solutions, from CVS Health.\n<\/p>\n

<\/a><\/p>\n

\nPayFlex\u2019s complementary offerings strengthen Millennium Trust’s retirement industry leadership, accelerate the convergence of retirement, health, and benefits-related savings options, and position the company as a front-runner in consumer-directed benefits and financial wellness.\n<\/p>\n

\n\u201cThe acquisition of PayFlex greatly expands the breadth of services and solutions available for our combined clients, including employers, institutions, and individuals,\u201d said Gary Anetsberger, CEO of Millennium Trust. \u201cBy adding Health Savings Accounts and other benefits solutions, we can now offer access to a broader continuum of retirement and financial wellness solutions.\u201d\n<\/p>\n

\nAs part of the transaction, Millennium Trust, through PayFlex, has entered into a long-term commercial agreement with Aetna, a CVS Health company, pursuant to which PayFlex will remain, under Millennium Trust\u2019s ownership, Aetna\u2019s preferred partner for offering and delivering certain HSAs, Flexible Spending Accounts (FSAs), and other consumer-directed benefits to Aetna\u2019s healthcare plan clients.\n<\/p>\n

\n\u201cWe are thrilled to join Millennium Trust, which is in a great position to invest significantly in PayFlex and its technology to make it even easier for people to plan, save, and pay for their health-related expenses,\u201d said Michael DiSimone, CEO and President of PayFlex. \u201cOur suite of consumer-directed benefits is critical to providing tax-advantaged health care savings and payments not only today, but throughout retirement.\u201d\n<\/p>\n

\nThe acquisition increases Millennium Trust\u2019s reach to over 60,000 employer plan sponsors and approximately five million individuals, representing $47 billion in total assets under administration.\n<\/p>\n

\nKirkland & Ellis LLP served as legal counsel to Millennium Trust. CVS Health engaged Fried, Frank, Harris, Shriver & Jacobson LLP and Dechert LLP as legal counsel and Wells Fargo Securities, LLC, as its exclusive financial advisor.\n<\/p>\n

\nAbout Millennium Trust Company<\/strong>\n<\/p>\n

\nMillennium Trust is a leading provider of retirement and financial services and consumer-directed benefits, with more than five million individual and institutional clients holding more than $47 billion in assets. We are committed to the evolving needs of individuals, employers, advisors, and institutional partners and to empowering clients with trusted expertise, exceptional service, and access to a wide range of solutions. Whether clients are managing retirement assets, running a business, or seeking choices beyond traditional asset options, Millennium Trust provides flexible digital solutions to support their success. Learn more at www.mtrustcompany.com<\/a>.\n<\/p>\n

Contacts<\/b> <\/p>\n

\nMichael DeLong
\n
Millennium Trust Company
\n
630-382-5223
\n
mdelong@mtrustcompany.com<\/a>\n<\/p>\n

\nEmily Stoermer
\n
BackBay Communications
\n
617-391-0790 ext. 105
\n
Emily.Stoermer@backbaycommunications.com<\/a>\n<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

OAK BROOK, Ill.–(BUSINESS WIRE)–Millennium Trust Company, LLC, a leading provider of retirement, workplace, and custody services for employers, institutions, advisors, and individuals, today completed the previously announced acquisition of PayFlex Holdings, Inc., a provider of Health Savings Accounts (HSAs) and other consumer-directed benefits solutions, from CVS Health. PayFlex\u2019s complementary offerings strengthen Millennium Trust’s retirement industry … [Read more…]<\/a><\/span><\/p>\n","protected":false},"author":4,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13],"tags":[],"class_list":{"0":"entry","1":"post","2":"publish","3":"author-business","4":"post-44581","6":"format-standard","7":"category-industry"},"yoast_head":"\nMillennium Trust Company Completes Acquisition of PayFlex\u00ae - Pharma Trend<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/pharma-trend.com\/en\/millennium-trust-company-completes-acquisition-of-payflex\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Millennium Trust Company Completes Acquisition of PayFlex\u00ae - Pharma Trend\" \/>\n<meta property=\"og:description\" content=\"OAK BROOK, Ill.–(BUSINESS WIRE)–Millennium Trust Company, LLC, a leading provider of retirement, workplace, and custody services for employers, institutions, advisors, and individuals, today completed the previously announced acquisition of PayFlex Holdings, Inc., a provider of Health Savings Accounts (HSAs) and other consumer-directed benefits solutions, from CVS Health. PayFlex\u2019s complementary offerings strengthen Millennium Trust’s retirement industry ... 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