Sun Life Financial’s $2.475 Billion Acquisition of DentaQuest

Debevoise & Plimpton advised Sun Life, while Ropes & Gray advised DentaQuest on the deal. Willkie Farr & Gallagher advised Centerbridge Partners.

DentaQuest, a portfolio company of Centerbridge Partners L.P., finalized a definitive agreement to be acquired by Sun Life Financial Inc. for $2.475 billion. The transaction was announced on Oct. 3. The transaction is expected to close in the first half of 2022. 

Sun Life is a leading international financial services organization providing insurance, wealth and asset management solutions to individual and corporate Clients.

DentaQuest, headquartered in Boston, is the largest provider of Medicaid dental benefits in the U.S. with growing Medicare Advantage, commercial and U.S. Affordable Care Act exchange businesses.

Centerbridge is a private investment management based in New York and London, and as of Aug. 1 had approximately $31 billion in capital under management.

Barclays acted as exclusive financial advisor to Sun Life on the transaction. Centerview Partners LLC, Morgan Stanley & Co. LLC and CapM Advisors acted as financial advisors to DentaQuest in connection with this transaction. 

The Debevoise team was led by insurance M&A partner Nicholas Potter (Picture) and included partner Drew Dutton, counsel Andrew Jamieson and Robert Fettman and associates Meir Cohen, Joanna Faley and Brita Siepker, M&A partner Ezra Borut, counsel Keith Slattery and Kim Le and associates Hannah Levine and Harry Zirlin, benefits partners Lawrence Cagney and Simone Hicks and associate Zain Kazmi, tax partners Daniel Priest and Peter Schuur and associate Erasmo Perez, intellectual property partner Henry Lebowitz, of counsel Jeffrey Cunard and associate Emily MacKay, real estate partner Edward Rishty and associates Alexander Djaha and Malina Welman, litigation partner Erica Weisgerber, counsel Tricia Sherno and associates Eric Koenigsberg, Malu Malhotra and Ebony Ray, and banking associate Andrew Field.

The Ropes & Gray team that advised DentaQuest was led by private equity partner Scott Abramowitz (New York), and included private equity associate Gabrielle DiBernardi (New York), health care partners Timothy McCrystal and Benjamin Wilson, employment, executive compensation & benefits partner Alexandra Alperovich (New York), litigation & enforcement partner Jane Willis, tax partners Kendi Ozmon and Pamela Glazier, private equity partners Adam Leamon, finance partner Kevin Jarboe, litigation & enforcement counsel  Kathryn Caldwell (all of Boston).

The Willkie team was led by partner Rosalind Fahey Kruse and included associate Tej Prakash.

Involved fees earner: Ezra Borut – Debevoise & Plimpton; Tricia Bozyk Sherno – Debevoise & Plimpton; Lawrence Cagney – Debevoise & Plimpton; Meir Cohen – Debevoise & Plimpton; Jeffrey Cunard – Debevoise & Plimpton; Alexander Djaha – Debevoise & Plimpton; Drew Dutton – Debevoise & Plimpton; Robert Fettman – Debevoise & Plimpton; Andrew Field – Debevoise & Plimpton; Simone Hicks – Debevoise & Plimpton; Andrew Jamieson – Debevoise & Plimpton; Zain Kazmi – Debevoise & Plimpton; Eric Koenigsberg – Debevoise & Plimpton; Kim Le – Debevoise & Plimpton; Henry Lebowitz – Debevoise & Plimpton; Hannah Levine – Debevoise & Plimpton; Emily Mackay – Debevoise & Plimpton; Malu Malhotra – Debevoise & Plimpton; Erasmo Perez – Debevoise & Plimpton; Nicholas Potter – Debevoise & Plimpton; Daniel Priest – Debevoise & Plimpton; Ebony Ray – Debevoise & Plimpton; Edward Rishty – Debevoise & Plimpton; Peter Schuur – Debevoise & Plimpton; Brita Siepker – Debevoise & Plimpton; Keith Slattery – Debevoise & Plimpton; Erica Weisgerber – Debevoise & Plimpton; Malina Welman – Debevoise & Plimpton; Harry Zirlin – Debevoise & Plimpton; Scott Abramowitz – Ropes & Gray; Alexandra Alperovich – Ropes & Gray; Kathryn Caldwell – Ropes & Gray; Gabrielle DiBernardi – Ropes & Gray; Pamela Glazier – Ropes & Gray; Kevin Jarboe – Ropes & Gray; Adam Leamon – Ropes & Gray; Timothy McCrystal – Ropes & Gray; Kendi Ozmon – Ropes & Gray; Jane Willis – Ropes & Gray; Benjamin Wilson – Ropes & Gray; Rosalind Fahey Kruse – Willkie Farr & Gallagher; Tej Prakash – Willkie Farr & Gallagher;

Law Firms: Debevoise & Plimpton; Ropes & Gray; Willkie Farr & Gallagher;

Clients: Centerbridge Partners; DentaQuest; Sun Life Financial;