logo
  

Aflac Agrees To Acquire Florida-based Argus Holdings - Quick Facts

Aflac Inc. (AFL) announced Friday that it has agreed to acquire Florida-based Argus Holdings, LLC and its subsidiary Argus Dental & Vision, Inc. (Argus), a premier benefits organization and national network dental and vision company.

Argus services nearly one million dental and vision members, providing benefits management solutions to Medicare Advantage, Medicaid, and Children's Health Insurance Program (CHIP) carriers. It also offers both group and individual network dental and vision insurance plans to employers and individuals.

The transaction will not alter Aflac Incorporated's earnings or capital management outlook for 2019 and is not expected to impact Aflac U.S. sales guidance for the year.

Funding of the transaction is expected to come from available liquidity held at Aflac Incorporated and does not impact the company's policy of holding a minimum of $2 billion in contingent liquidity and capital.

Argus, with a staff of more than 120 employees, will remain headquartered in Tampa, Florida, under the continued leadership of its President and CEO Dr. Nicholas M. Kavouklis. In addition, Tampa, Florida, will now serve as the home for the Aflac U.S. Network Dental and Vision platform.

The transaction, subject to regulatory approvals and customary closing conditions, is expected to close in the fourth quarter of 2019.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
German banking major Deutsche Bank AG (DB) reported Wednesday a profit in its second quarter, compared to prior year's loss, with sharp drop in provision for credit losses. Net revenues were down slightly. Looking ahead for fiscal 2021, Deutsche Bank updated guidance, and now expects net revenues to be ahead of guidance provided at the Investor Deep Dive on December 9, 2020. Facebook Technologies LLC is recalling about 4 million removable foam facial interfaces for Oculus Quest 2 Virtual Reality or VR headsets citing skin irritation risk. The company said it has introduced a new silicone cover for all Quest 2 customers globally, and has paused global sales of Quest 2 to include the new silicone covers in all Quest 2 packages. General Electric Co. reported Tuesday narrower net loss in its second quarter with strong growth in revenues. The company also generated strong order growth. Looking ahead, the company reiterated its outlook for adjusted earnings per share, while increased its 2021 outlook for Industrial free cash flow range. In pre-market activity on NYSE, GE shares were gaining around 4 percent.
RELATED NEWS
Follow RTT