HealthEquity Inc. /zigman2/quotes/210521638/composite HQY -4.13% , an independent health savings account (HSA) non-bank custodian, said Thursday it has reached agreement to acquire WageWorks Inc. , an administrator of HSAs and other consumer-directed benefits, in a deal with an enterprise value of about $2 billion. Draper, Utah-based HealthEquity will pay $51.35 per WageWorks share, equal to a 28% premium over the volume weighted average closing price of WageWorks shares for the 30 trading days before HealthEquity's acquisition proposal became public on April 29. The deal will give HealthEquity access to a bigger share of the HSA market, expanding its direct distribution to employers and benefits advisers. HealthEquity is expecting to generate annualized synergies of about $50 million within 2 to 3 years of closing. The company has a debt commitment from Wells Fargo to finance the deal, which is expected to close by year-end. The deal has been approved by the boards of both companies and is subject to approval by WageWorks' shareholders. HealthEquity will host a conference call to discuss the deal at 8.00 a.m. Eastern. HealthEquity shares were not yet active premarket. WageWorks shares were down 1.2%, but have gained 90% in 2019 through Wednesday, while the S&P 500 /zigman2/quotes/210599714/realtime SPX -0.84% has gained 16.2%.