The US financial services firm MetLife has entered into a definitive agreement to acquire Versant Health from an investor group led by Centerbridge Partners for $1.675 billion in an all-cash transaction.

Versant Health owns the managed vision care brands Davis Vision and Superior Vision. Following the acquisition, MetLife will gain access to Versant Health’s roughly 35 million members.

MetLife has offered group vision insurance since 2012 and with the addition of Versant Health will serve roughly 38 million members and become the third largest American vision insurer by membership.

The transaction is targeted to close in the fourth quarter of this year, MetLife said.