WellPoint today announced a definitive agreement to sell its online contact lens retail subsidiary 1-800 CONTACTS to private equity firm Thomas H. Lee Partners. The company also has entered into an asset-purchase agreement for glasses.com and its virtual try-on technology with Luxottica, a designer, manufacturer and distributor of fashion, luxury and sports eyewear. All three transactions are expected to close in Q1 2014.
“1-800 CONTACTS has strong brand recognition and a leading direct-to-consumer model,” said Joseph R. Swedish, Chief Executive Officer of WellPoint. “However, as we prepare for the coming changes to the health care system, we are focused on our core growth opportunities across both our commercial and government business segments. Proceeds from this transaction will support our continued capital deployment strategies.”
Financial terms of the transaction were not disclosed.
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