April 30, 2019 / 2:40 PM / 3 months ago

HealthEquity confirms offer to buy WageWorks for $50.50 per share in cash

April 30 (Reuters) - HealthEquity Inc on Tuesday confirmed its offer to acquire WageWorks Inc in a deal valuing the administrator of employee benefits at about $2.01 billion.

The offer of $50.50 per share is at a 17.3 percent premium to WageWorks’ Monday close.

HealthEquity, the U.S. custodian of health savings accounts, said the proposal was submitted to WageWorks on April 11, 2019.

Reuters on Monday reported that HealthEquity had approached WageWorks with the offer.

Shares of WageWorks were up 13 percent to $48.7, while HealthEquity was down 6.5 percent to $68.2.

Reporting by Manojna Maddipatla in Bengaluru; Editing by Shinjini Ganguli

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