WellPoint didn’t quite own the subsidiary for a couple years and now here goes off to private equity and I said at the time this was around when United started distributing their cheap hearing aids and were used somewhat as an incentive to get more seniors to enroll in their Part D plans at the time so I saw this one possibly like keeping up with the Jones.
WellPoint to Purchase 1-800 Contacts Eyewear and Contact Lens Retailer For Around $900 Million–Subsidiary Watch
The website is going to be sold to an Italian eyewear company, so the two businesses look to be separate, at least in ownership. BD
WellPoint Inc. WLP +1.25% will sell contact-lens and eyewear retailer 1-800 Contacts Inc. to private-equity firm Thomas H. Lee Partners, unloading a company it bought for around $900 million less than two years ago.
The Indianapolis, Ind., insurer also agreed to sell the glasses.com website and its technology for helping people try on glasses virtually, which were part of the 1-800 Contacts purchase, to Italian eyewear company Luxottica LUX.MI -2.38% Group SpA.
Financial terms of the transactions weren't disclosed, but WellPoint said it would record an impairment charge of between 52 cents and 57 cents a share in the fourth quarter of 2013. The deals are set to close in the first quarter of 2014.
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