(RTTNews) - Allstate Corp. (ALL) agreed to sell the Employer Voluntary Benefits business to StanCorp Financial Group Inc. for $2.0 billion in cash.
Allstate noted that the sale is the initial step in a strategic move to maximize the growth potential of its three Allstate Health & Benefits businesses—Employer Voluntary Benefits, Individual, and Group Health—by merging them with companies that offer complementary capabilities.
Allstate stated that the sale is anticipated to generate a gain of approximately $600 million and increase deployable capital by $1.6 billion.
The transaction is expected to close in the first half of 2025, subject to regulatory approvals and other customary closing conditions.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
