Private equity firm Centerbridge Partners LP and health insurance giant Highmark Inc. are acquiring stakes in each others' vision care businesses.

Centerbridge is purchasing the Davis Vision Inc. insurance business and a minority stake in Visionworks, an optical retail business, from HVHC Inc., a subsidiary of Highmark. Davis Vision will be combined with Centerbridge's Superior Vision managed vision care portfolio company, and Highmark will acquire a minority stake in that combined company.

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