The German insurance giant BandLab will be bought by the healthcare giant Waltham-based German insurer Lidl for a combined $4.6 billion, according to a regulatory filing Thursday.
BandLab had a market value of $2.3 billion at the end of last year, according a Reuters review of company filings.
Bandlab, which has been expanding its offering of wellness care services, has been struggling to keep pace with rising health care costs and rising consumer interest in its products.
Lidl said in the filing that it expects BandLab to provide “significant value” for the insurer, which was founded in 1879.
BandLab, which had about 2,700 employees at the beginning of the year, said in its filing that “it is clear from the timing of this transaction that LidL is confident that BandLab can continue to provide high-quality and affordable health care services to the large German population and its business community.”
LidL has said it plans to close the deal and buy BandLab.
Lidla said in a statement that it “strongly believes in BandLab and is committed to ensuring BandLab is a successful, highly competitive company.”
The acquisition is subject to regulatory approval and is expected to close in the first quarter of 2021, according the regulatory filing.
A Lidlan spokesperson did not immediately respond to a request for comment.
For the latest news, visit Bloomberg Health.