Sun Life Financial Inc. has signed a deal to buy DentaQuest, a provider of dental benefits in the United States, for $3.1 billion.
The company said DentaQuest will become part of its Sun Life U.S. business, which offers dental benefits through employers for employee benefit plans.
Sun Life said DentaQuest will more than double the size of its U.S. employee benefits business by revenue.
DentaQuest has more than 33 million members in 36 states and about 2,400 employees.
Sun Life CEO Kevin Strain said the acquisition of DentaQuest is consistent with its strategy of focusing on health and group benefits in the United States.
The transaction is expected to close in the first half of next year, subject to regulatory approvals and customary closing conditions.