Willkie is representing HealthEquity, Inc., the nation’s largest health savings account (HSA) administrator, in its acquisition of BenefitWallet’s HSA portfolio from Conduent Incorporated, a global technology-led business solutions and services company.

On September 19, HealthEquity and Conduent announced that they entered into a definitive agreement to transfer BenefitWallet’s HSA portfolio to HealthEquity for approximately $425 million.

HealthEquity serves as the custodian of more than 8.2 million HSAs with assets totaling $23.2 billion. The BenefitWallet HSA portfolio includes approximately 665,000 customer accounts and their approximately $2.7 billion of HSA assets.

Willkie previously represented HealthEquity in numerous transactions, including its acquisitions of Luum, Further and WageWorks.

The Willkie deal team was led by partners Matthew Haddad and Erin Kinney and included partner Wesley Powell, counsel Agathe Richard and Jonathan Konoff, and associates Ryan Chambers, Caitlin Link and Ana Maganto Ramirez.