Highmark Health unit HVHC Inc. agreed to sell its managed vision care subsidiary Davis Vision Inc. to Centerbridge Partners LP for an undisclosed amount.
Under the terms of the agreement, Davis Vision will be combined with Centerbridge's existing managed vision care portfolio company, Superior Vision, and Highmark will acquire a minority ownership interest in the combined Davis Vision-Superior Vision company.
In a separate transaction, Centerbridge will acquire a minority equity stake in Visionworks, HVHC's optical retail subsidiary. Highmark will retain a controlling ownership interest in Visionworks.
The transactions are expected to close in the fourth quarter, subject to regulatory approval.
CapM Advisors acted as financial adviser to Highmark. Skadden Arps Slate Meagher & Flom LLP served as legal counsel to Highmark. Barclays and Macquarie Capital acted as financial advisers to Centerbridge.
Goldman Sachs, Bank USA, Barclays, BMO Capital Markets, Macquarie Capital and Morgan Stanley Senior Funding Inc. are providing financing for the Davis Vision transaction.
Willkie Farr & Gallagher LLP served as legal counsel to Centerbridge. Harris Williams & Co. provided advisory services to Highmark.