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Davis Vision, Superior Vision to merge

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Centerbridge Partners and HVHC, a subsidy of Highmark, have completed their agreement for Centerbridge to purchase Davis Vision, HVHC’s managed vision care subsidiary.

Davis Vision will be combined with Centerbridge’s Superior Vision, and Highmark will acquire a minority ownership in the conglomerate, according to a press release from Superior Vision.

Centerbridge also came to the agreement to acquire a minority stake in HVHC’s optical retail subsidiary, Visionworks, with Highmark retaining ownership interest, according to the release.

“We are thrilled to be partnering with Highmark and the management of all three businesses across this multidimensional transaction,” Dan Osnoss, managing director of Centerbridge, said in the release. “We believe the combination of Davis Vision with Superior Vision presents the opportunity to create the leading national managed vision benefit offering with differentiated service for customers and members, and we look forward to supporting Visionworks in continuing to deliver an exceptional retail experience and in its next phase of growth.”

The agreements are expected to close at the end of the fourth quarter of 2017.