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WellPoint to sell 1-800 CONTACTS, Glasses.com

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WellPoint has signed a definitive agreement to sell 1-800 CONTACTS to Thomas H. Lee Partners, a private equity firm, the company announced in a press release Tuesday.

“1-800 CONTACTS has strong brand recognition and a leading direct-to-consumer model. However, as we prepare for the coming changes to the health care system, we are focused on our core growth opportunities across both our commercial and government business segments," Joseph R. Swedish, chief executive officer of WellPoint, said in the release. "Proceeds from this transaction will support our continued capital deployment strategies.”

The insurer acquired 1-800 CONTACTS in June 2012.

WellPoint has also agreed to sell Glasses.com and its virtual try-on technology to Italian eye wear company Luxottica.

Financial terms of the transactions were not disclosed. Both deals are expected to close in the first quarter of 2014, as stated in the release.