EBenX Acquires Merrill Lynch Benefits Unit

NU Online News Service, Nov. 6, 2:35 p.m. – EBenX Inc., Minneapolis, has completed a previously announced acquisition of the assets of Howard Johnson & Company, New York, a benefits consulting firm, from Merrill Lynch & Company Inc., New York, for $11.3 million in cash and the assumption of $700,000 in liabilities.

The unit should generate about $14 million in revenue and $2 million in profits a year, eBenX says.

The deal also includes a strategic marketing agreement. The agreement calls for Merrill Lynch to refer clients that need benefits services to eBenX, eBenX says.