Davis Polk is advising Aetna on its approximately $202 million acquisition of PayFlex Holdings, Inc. The transaction, which is expected to close in the second half of 2011, is subject to customary closing conditions, including Hart-Scott-Rodino antitrust regulatory approval.

Aetna is one of the nation’s leading diversified health care benefits companies, serving approximately 33.8 million people with information and resources to help them make better informed decisions about their health care. PayFlex is one of the nation’s largest independent account-based health plan administrators, with approximately 1 million accounts and approximately 3,300 direct employer customers.

The Davis Polk corporate team includes partner David L. Caplan and associates H. Oliver Smith, Blake A. Smith and Nina S. Assouline. The tax team includes partner Harry Ballan and associate William A. Curran. Partner Edmond T. FitzGerald and associate Jessica Lutrin are providing employee benefits advice. Partner Frank J. Azzopardi and associate Randy Samson are providing intellectual property advice. All members of the Davis Polk team are based in the New York office.