Benefitfocus stock soars ~49% after hours on $570M merger with Voya Financial

Voya Financial (NYSE:VOYA) will acquire Benefitfocus (NASDAQ:BNFT) for $10.50 per share in an all-cash transaction valued at approximately $570M.
Shares of BNFT surged 48.5% to $10.38 in aftermarket trading on Tuesday, while those of VOYA were flat.
New York-based VOYA provides financial services to individuals, employers and professionals, including insurance and retirement plans.
Charleston, S.C.-based BNFT caters to brokerage and consulting firms in the health and benefits industry through cloud-based software solutions.
"Combined with its own existing workplace customers, Voya will now serve approximately 38 million individuals or roughly one in 10 Americans following completion of the acquisition," the companies said in a statement.
VOYA sees the deal to be immediately accretive to its adj. operating EPS.
The deal's offer price of $10.50 per share represents a 48.9% premium to BNFT's Oct. 31 closing price of $7.05.
BNFT will continue to operate as a distinct business under its existing management.
The deal, which was approved by both companies' boards, is expected to be completed in Q1 2023.
VOYA also separately announced Q3 results.